Samantha invested $67,000 in an account paying an interest rate of 3.9% compounded continuously. Assuming no deposits or withdrawals are made, how
much money, to the nearest dollar, would be in the account after 7 years?

A\approx 88031

A≈88031

Step-by-step explanation:

\text{Compounded Continuously:}

Compounded Continuously:

A=Pe^{rt}

A=Pe  

rt

P=67000\hspace{35px}r=0.039\hspace{35px}t=7

P=67000r=0.039t=7

Given values

A=67000e^{0.039(7)}

A=67000e  

0.039(7)

Plug in

A=67000e^{0.273}

A=67000e  

0.273

Multiply

A=88031.3164033

A=88031.3164033

Use calculator (with e button)

A\approx 88031

A≈88031

Round to nearest dollar

the answer is:

the answer is:

to solve the problem, we need to remember the quotient of power property, it's defined by the following relation:

if we have a quotienf of powers that have the same base, we need to keep the same base and subtract the exponent of the denominator power to the exponent of the numerator power.

so, we are given the expression:

then, calculating we have:

hence, the answer is:

have a nice day!

2

step-by-step explanation: