Answer:
$6168.39
Explanation:
For a principal, P compounded continuously at a rate of r%, the amount in the account after t years is determined using the formula:
[tex]A(t)=Pe^{rt}[/tex]Given:
• The starting amount, P = $5,000
,• Interest Rate, r = 3% = 0.03
,• Time(t) = 7 years
Substitute these values into the formula:
[tex]\begin{gathered} A(7)=5000\times e^{0.03\times7} \\ =\$6168.39 \end{gathered}[/tex]Jack will have $6168.39 in his account after 7 years.
