jojocottrel04
contestada

Jackson deposited $6,000 at 2.8% interest, compounded continuously, when he was 28 years old. How much will be in the account when he is 40 years old if he made no other deposits or withdrawals? Use the
continuous compound interest formula. (Do not use commas.)

Respuesta :

The amount that would be in the account when Jackson is 40 years old with continuous compounding is $74,044.49.

What is the future value of the account?

The formula for calculating future value when there is continuous compounding is : A x e^r x N

Where:

  • A= amount
  • e = 2.7182818
  • N = number of years : 40 - 28 = 12
  • r = interest rate

$6000 x e^0.028 x 12 = $74,044.49

To learn more about continuous compounding, please check: https://brainly.com/question/26476328

#SPJ1

Otras preguntas