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22 August, 09:21

maria invests $6,154 in a retirement account with a fixed annual interest rate of 8% compounded continuously. What will the account balance be after 10 years?

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Answers (2)
  1. 22 August, 10:52
    0
    approximately $13,695.98

    Step-by-step explanation:

    Your formula is A=Pe^rt

    A is what you're looking for, the amount/account balance in $

    P is the principal aka what you put into the account: $6,154

    e is the mathematical constant. You'd plug that into your calculator.

    r is the rate, you'd put it into the equation as a decimal: 8%=.08

    t is the time in years: 10

    A = 6154e^.08x10 you can plug this into your calculator

    A = $13,695.98
  2. 22 August, 12:28
    0
    The other user answered this question correctly
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