Answer:
Step-by-step explanation:
The formula for continuously compounded interest is
A = P x e (r x t)
Where
A represents the future value of the investment after t years.
P represents the present value or initial amount invested
r represents the interest rate
t represents the time in years for which the investment was made.
From the information given,
P = $6000
r = 6% = 6/100 = 0.06
t = 15 years
Therefore,
A = 6000 x e(0.06 x 15)
A = 6000 x e(0.9)
A = $14757.6 to the nearest cent
