JnylaT370935 JnylaT370935

26-10-2022
Mathematics

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You deposit $17,289 into an account that earns 3.14% annual interest compounded continuously. How much money will you have after 42 years?

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JimiE369516 JimiE369516

26-10-2022

For an initial amount P deposited with an annual interest r, after t years, the total amount A is given by:

[tex]A=P\cdot(1+r)^t[/tex]

Then, if P = $17,298, r = 3.14% and t = 42 years, we have:

[tex]A=17298\cdot(1+0.0314)^{42}\approx\text{ \$}63377.52[/tex]

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