Suppose an investment account is opened with an initial deposit of $12,000 earning 7.2% interest compounded continuously. How much will the account be worth after 30 years? Show your work and round your answer to the nearest cent.
Suppose an investment account is opened with an initial deposit of $12,000 earning 7.2% interest compounded continuously. How much will the account be worth after 30 years? Show your work and round your answer to the nearest cent.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
Related questions
Question
Suppose an investment account is opened with an initial deposit of $12,000 earning 7.2% interest compounded continuously. How much will the account be worth after 30 years? Show your work and round your answer to the nearest cent.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning