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9 April, 01:23

Arjun invests $3,340 in a retirement account with a fixed annual interest rate of 6% compounded continuously. What will the account balance be after 20 years.

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  1. 9 April, 03:39
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    = $ 11,089.19

    Explanation:

    Using the formula A = Pe^ (r*t).

    Where A is the accrued amount,

    r is the annual nominal rate of interest as a decimal,

    P is the principal amount, and

    t is the time involved in years

    Therefore;

    A = Pe^ (r*t).

    r = 0.06; P = 3340; t = 20.

    A = 3340 * e^ (0.06*20)

    = 11,089.19

    = $11,089.19
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