Jason invests $8,264 in an account that earns an annual interest rate of 4%. what will be the balance of the account in 18 years if the interest is compounded continuously?

The balance of the account in 18 years if interest is compounded continuously is $16.741.34

The compound interest formula is expressed as:

A = P(1+r/n)^nt

Given the following parameters

P = $8264

r = 4% = 0.04

t = 18 years

n = 1(continous)

Substitute the given parameters into the formula

A = 8264(1+0.04)^18

A = 8264(1.04)^18

A = 8264(2.0258)

A = 16,741.34

Hence the balance of the account in 18 years if the interest is compounded continuously is $16.741.34

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