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If $7025 is invested at a rate of 10% compounded continuously, what will be the balance after 12 years? Round your answer to two decimal places.

If 7025 Is Invested At A Rate Of 10 Compounded Continuously What Will Be The Balance After 12 Years Round Your Answer To Two Decimal Places class=

Sagot :

p = $7025

r = 10% = 10/100 = 0.1

t = 12

[tex]A=pe^{rt}[/tex]

Therefore,

[tex]\begin{gathered} A=7025\times e^{0.1\times12} \\ A=7025\times e^{1.2} \\ A=7025\times3.32011692274 \\ A=23323.8213822 \\ A=\text{ \$}23323.82 \end{gathered}[/tex]

Balance after 12 years = $23,323.82

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