In Penelope's account $ 85262.6 would be there after 14 years.
The compound Interest is the interest you earn on Interest .
The formula for calculating the amount when the interest is compounded continuously
P = P₀[tex]\rm e^{rt}[/tex]
Penelope invested $32,000 in an account
interest rate of 7% compounded continuously.
After 14 years the amount will be
P = 32000 * [tex]\rm e^{0.07*14}[/tex]
P = $ 85262.6
Therefore $ 85262.6 would be in the account after 14 years.
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