Answer:
A = $19.167.45
Step-by-step explanation:
The continuous compound interest formula, [tex]A = Pe^ { (rt)}[/tex] is used when interest is compounded continuously; that is, when the number of compounding periods per year increases without bound.
Using the continuous compound interest formula, [tex]A = Pe^ { (rt)}[/tex] where:
A = amount in the end of t period
P = principal = $17,000
r = interest rate = 0.03 or 3%
t = time = 4
Substitute these values into the formula:
[tex]A = Pe^ { (rt)}[/tex]
[tex]A = 17000e^ { (0.03)(4)}[/tex]
A = $19.167.45
