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An initial investment of $3,000 earns 7% interest compounded continuously. What will the investment be worth in 19 years? (Round your answer to the nearest cent.)

Respuesta :

ajeigbeibraheem

Answer:

$11343.13

Step-by-step explanation:

From the given information:

Principal = 3000

rate = 7% = 0.07

time = 19 years.

The amount of investment after 19 years for a continuous compounded interest can be estimated by using the formula:

[tex]A = Pe^{rt} \\ \\ A = 3000 \times e^{0.07 \times 19} \\ \\ \mathbf{A = \$11343.13}[/tex]

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