Question

Khloe invested $11,000 in an account paying an interest rate of 4.8% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 17 years?

Answer 1

Відповідь:

ANSWER

The formula for calculating the final balance (A) of an investment with principal amount P, annual interest rate r, and time period t, when interest is compounded continuously, is:

A = Pe^(rt)

Where e is the mathematical constant approximately equal to 2.71828.

Using this formula, we can calculate the final balance of Khloe's investment after 17 years:

A = 11000 * e^(0.048 * 17)

A ≈ $25,967.95

Therefore, the final balance in the account, to the nearest ten dollars, would be $25,970.

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