maria invests $6,154 in a retirement account with a fixed annual interest rate of 8% compounded continuously. What will the account balance be after 10 years?

Question

Mathematics

Ryder Parrish

9 February, 19:01

maria invests $6,154 in a retirement account with a fixed annual interest rate of 8% compounded continuously. What will the account balance be after 10 years?

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Answers (2)

Know the Answer?

Destiney · Answer 1

The other user answered this question correctly

Tickles · Answer 2

approximately $13,695.98

Step-by-step explanation:

Your formula is A=Pe^rt

A is what you're looking for, the amount/account balance in $

P is the principal aka what you put into the account: $6,154

e is the mathematical constant. You'd plug that into your calculator.

r is the rate, you'd put it into the equation as a decimal: 8%=.08

t is the time in years: 10

A = 6154e^.08x10 you can plug this into your calculator

A = $13,695.98