Answer:
[tex]15516.3163[/tex]
Step-by-step explanation:
[tex]8500\cdot(1.034)^{18}=15516.3163[/tex]
If Levi invested $8,500 in an account paying an interest rate of 3.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 18 years will be $15,516
Using this formula
Amount=P(1+r)n
Where:
p represent principal=$8,500
r represent rate=3.4% or 0.034
n represent number of years=18 years
Let plug in the formula
Amount=$8,500(1+0.034)∧18
Amount=$8,500(1.034)∧18
Amount=$8,500(1.82544)
Amount=$15,516
Inconclusion if Levi invested $8,500 in an account paying an interest rate of 3.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 18 years will be $15,516
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