Answer:
B
Step-by-step explanation:
In the equation for interest compounding continuously, the A stands for the amount after the compounding is done, the P is the initial amount invested, the e is Euler's number, the r is the rate in decimal form, and the t is the time in years that the money is invested. Setting up our equation with the given values looks like this:
[tex]A=22,000e^{(.0385)(11)}[/tex]
Multiply the rate with the time to simplify a bit to
[tex]A=22,000e^{.4235}[/tex]
Raise e to the power of .4235 on your calculator (hit 2nd then the ln button to get your e) and get
[tex]A=22,000(1.527297754)[/tex]
Multiply out to get $33600.55, but rounding up gives you B as your answer.
