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Sagot :
Given:
Principal value = $900
Rate of interest = 2% compounded continuously.
Time = 12 years.
To find:
The amount in the account at the end of 12 years.
Solution:
If the interest compounded continuously, then the formula for amount :
[tex]A=Pe^{rt}[/tex]
Where, P is principal, r is rate of interest, t is numbers of years.
Putting P=900, r=0.02 and t=12, we get
[tex]A=900e^{0.02(12)}[/tex]
[tex]A=900e^{0.24}[/tex]
[tex]A=1144.12423529[/tex]
[tex]A\approx 1144.12[/tex]
Therefore, the amount in the account at the end of 12 years is about $1144.12.
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