Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Connect with a community of experts ready to provide precise solutions to your questions on our user-friendly Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Answer:
$47,322.21
Explanation:
the formula for calculating future value when there is continuous compounding is : A x e^r x N
A= amount
e = 2.7182818
N = number of years
r = interest rate
42,000xe^0.024 x 11 = $47,322.21
Answer:
A≈5469
Explanation:
Use the formula for calculating compound interest A=P0ert where P0=4200, r=0.024, and t=11. Substitute the values into the formula and simplify.
A=4200e0.024⋅11
A=4200e0.264
A=4200(1.302)
A=5468.94
After 11 years, the balance in the account is A≈5469, rounded to the nearest dollar.
We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.
