Question

Natalie invested $1,200 in an account paying an interest rate of 6.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 17 years?

Answer 1

The money, to the nearest dollar, would be in the account after 17 years is $3,445.

How to find the compound interest?

If n is the number of times the interested is compounded each year, and 'r' is the rate of compound interest annually, then the final amount after 't' years would be:

$a = p(1 + \dfrac{r}{n})^{nt}$

Natalie invested $1,200 in an account paying an interest rate of 6.4% compounded continuously.

r/n =0.064

n = 17

A = 1200(1+0.064)^17

A = 3444.9975

A = $3445.00

The money, to the nearest dollar, would be in the account after 17 years is $3,445.

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