Question

Taylor invested $11,000 in an account paying an interest rate of 3.5% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 14 years?

Answer 1

Hi there! It is.. 17955, I hope that helps! :)

Answer 2

Answer:

$17,805.64

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 3.5/100

r = 0.035 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 11,000.00(1 + 0.035/1)(1)(14)

A = 11,000.00(1 + 0.035)(14)

A = $17,805.64

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $11,000.00 at a rate of 3.5% per year compounded 1 times per year over 14 years is $17,805.64.