Answered

At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Nyah deposited $750 in a new bank account that earns 5.8% interest compounded continuously. If there are no other deposits or withdrawals, find the total amount in her account after 15 months.

Sagot :

The total amount in her account is $1,128.60.

What is the total money in the account?

The formula for calculating future value when there is continuous compounding is :

A x e^r x N

Where:

  • A= amount = $750
  • e = 2.718281
  • N = number of years = 1.42 years
  • r = interest rate

$750 x e^0.058 x 1.42 = $1,128.60

To learn more about future value, please check: https://brainly.com/question/18760477

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.