amberheyward13 amberheyward13

03-07-2020
Mathematics

contestada

Jimmie invested $57,500 at 9.38% compounded continuously. What will Jimmie's account balance be in 42 years?

Respuesta :

Alfpfeu Alfpfeu

03-07-2020

Answer:

$6,259,057.84

Step-by-step explanation:

hello,

compounding continuously means that we have to multiply by

[tex]e^{0.0938*t}[/tex]

t is the number of years

so the account balance in 42 years is

[tex]57,500e^{0.0938*42}=6,259,057.84....\\[/tex]

so it gives

$6,259,057.84

hope this helps

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