Mathematics: Ali invests $4,078 in a retirement account with a fixed annual interest rate of 7% compounded continuously. What will the account balance be after 14 years? (round your answer to the nearest dollar, and do NOT put a $ in your answer.

Sorry don’t know it should be the A times the with of the B...

Ali invests $4,078 in a retirement account with a - id40788203877, jomayrarivas1owj35x

Ответ:

Pitts1971

05.02.2022

Mathematics

The account balance will be $10,866 after 14 years

Step-by-step explanation:

Compound continuous interest can be calculated using the formula:

$A=Pe^{rt}$

A = the future value of the investment, including interestP = the principal investment amount (the initial amount)r = the interest rate t = the time the money is invested for

Let us use this rule to solve the question

∵ Ali invests $4,078 in a retirement account

∴ P = 4,078

∵ The account with a fixed annual interest rate of 7% compounded

continuously

∴ r = 7% = $\frac{7}{100}$ = 0.07

∵ The time is 14 years

∴ t = 14

Substitute these values in the rule above to find A

∵ $A=4,078(e)^{0.07(14)}$

→ Use the calculator to find the value of A

∴ A = 10,865.65255

→ Round it to the nearest dollar

∴ A = $10,866

∴ The account balance will be $10,866 after 14 years

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Ali invests $4,078 in a retirement account with a fixed annual interest rate of 7% compounded continuously. What will the account balance be after 14 years? (round your answer to the nearest
dollar, and do NOT put a $ in your answer.

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