Question

Eugene invests $5,774 in a retirement account with a
fixed annual interest rate of 6% compounded continuously. What will the account
balance be after 14 years?

Answer 1

Answer:

$13,374.70

Step-by-step explanation:

Continuously compounded interest

$A = Pe^{rt}$

$A = 5774e^{0.06 \times 14}$

$A = 5774e^{0.84}$

$A = 13374.70$