Mark's account balance after 17 years would be $114,932.8
What is the formula for the continuous compounding?
[tex]A=Pe^{rt}[/tex]
where,
A = Accrued amount
P = Principal amount
r = interest rate as a decimal
R = interest rate as a percent
r = R/100
t = time in years
For given question,
P = $47000, t = 17 years
R = 5.26%
[tex]\Rightarrow r =\frac{5.26}{100}\\\\\Rightarrow r = 0.0526[/tex]
Using the Continuous Compounding Formula,
[tex]\Rightarrow A=Pe^{rt}\\\\\Rightarrow A=47000\times e^{0.0526\times 17}\\\\\Rightarrow A=114932.8[/tex]
Therefore, Mark's account balance after 17 years would be $114,932.8
Learn more about the Continuous Compounding here:
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