amberheyward13 amberheyward13
  • 03-07-2020
  • Mathematics
contestada

Jimmie invested $27,500 at 6.27% compounded continuously. What will Jimmie's account balance be in 50 years?

Respuesta :

Alfpfeu
Alfpfeu Alfpfeu
  • 03-07-2020

Answer:

$632,187.50

Step-by-step explanation:

hello,

compounding continuously means that we have to multiply by

[tex]e^{0.0627*t}[/tex]

t is the number of years

so the account balance in 50 years is

[tex]27,500e^{0.0627*50}=632,187.48565....\\[/tex]

so it gives

$632,187.50

hope this helps

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