Question

Madeline invested $920 in an account paying an interest rate of 3.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

Answer 1

Answer:

$1,367

Step-by-step explanation:

The compound amount formula applying to continuous compounding is

A = Pe^(r*t), where P is the principal, r is the interest rate as a decimal fraction, and t is the time in years.

Here we have A = $920e^(0.036*11), or $1,367

                            =