Answered

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Nyah deposited $750 in a new bank account that earns 5.8% interest compounded continuously. If there are no other deposits or withdrawals, find the total amount in her account after 15 months.

Sagot :

The total amount in her account is $1,128.60.

What is the total money in the account?

The formula for calculating future value when there is continuous compounding is :

A x e^r x N

Where:

  • A= amount = $750
  • e = 2.718281
  • N = number of years = 1.42 years
  • r = interest rate

$750 x e^0.058 x 1.42 = $1,128.60

To learn more about future value, please check: https://brainly.com/question/18760477

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