Question

Logan invested $180 in an account paying an interest rate of 2,6% compounded
continuously. Assuming no deposits or withdrawals are made, how much money, to
the nearest ten dollars, would be in the account after 12 years?

Answer 1

Answer:

250

Step-by-step explanation:

Compounded Continuously:

A=Pe^{rt}

A=Pe

rt

P=180             r=0.026              t=12

Given values

A=180e^{0.026(12)}

A=180e

0.026(12)

Plug in

A=180e^{0.312}

A=180e

0.312

Multiply

A=245.90784475

A=245.90784475

Use calculator (with e button)

A\approx 250

A≈250

Round to nearest ten dollars

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Answer 2

By calculating on the basis of compound interest, after 12 years Logan will have $242.9 in his account.

What is a compound interest?

Compound interest is a type of interest that is compounded after time period it is said to be compounded. After that particular period, the interest is calculated and then added with the principle. For the next duration, the interest is calculated on the sum.

Here, the amount of money after n years as per compound interest,

S = P(1 + r)ⁿ.

Where, P = Principle = $180, r = rate of interest = 2.6%, n = time period = 12 years

Now, S = $180(1 + 2.6/100)¹² = $180(1 + 0.026)¹² = $180(1.026)¹² = $242.9

Hence, after 12 years, Logan will have $242.9 in his bank account.

Learn more about compound interest here: brainly.com/question/25857212

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