Question

$16.000 is deposited into a savings account with an annual interest rate of 2% compounded continuously. How much will be in the
account after 4 years?
Round to the nearest cent.
$17.280.00
$17.332.59
$35,608.65
$65.292.88

Answer 1

Answer:

A) $17,332.59

Step-by-step explanation:

$16,000(e^(0.02[or 2%] * 4)) = $16,000(e^0.08)

e^0.08 = 1.08328706767 * $16,000 ≈ $17,332.59