Dylan invested $4200 into a continuously compounded account with an interest rate of 2.4%. How much will she have in the account after 11 years

Answer:

$47,322.21

Explanation:

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

A= amount

e = 2.7182818

N = number of years

r = interest rate

42,000xe^0.024 x 11 = $47,322.21

Answer:

A≈5469

Explanation:

Use the formula for calculating compound interest A=P0ert where P0=4200, r=0.024, and t=11. Substitute the values into the formula and simplify.

A=4200e0.024⋅11

A=4200e0.264

A=4200(1.302)

A=5468.94

After 11 years, the balance in the account is A≈5469, rounded to the nearest dollar.  

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Chart of Accounts
CHART OF ACCOUNTS
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Insurance
16 Equipment
17 Accumulated Depreciation-Equipment
LIABILITIES
21 Accounts Payable
22 Notes Payable
23 Unearned Fees
24 Wages Payable
25 Interest Payable
EQUITY
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32 Retained Earnings
33 Dividends
REVENUE
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EXPENSES
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52 Insurance Expense
53 Interest Expense
54 Wages Expense
55 Supplies Expense
56 Utilities Expense
57 Depreciation Expense
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General Journal
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*Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3
4

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