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suppose you invest 400 at an annual interest rate of 7.6% compounded continuously. How much will you have in the account after 1.5 years? Round the solution to the nearest dollar.

Verified Answer :

Aliwohaish12

A=pe^rt
A=400×e^(0.076×1.5)
A=448.30

Answer:

$ 448

Step-by-step explanation:

Here, the principal amount, P = $ 400

Rate of interest, r = 7.6 % = 0.076

Time, t = 1.5 years,

Thus, the amount that is compounded continuously for 1.5 years is,

\(A= Pe^{rt}\)

\(=400 e^{0.076\times 1.5}\)

\(=400e^{11.4}=400\times1.12075212488=448.300849954\approx 448\)

Hence, we will have $ 448 after 1.5 years.

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