You invest $2800 in an account that pays an interest of 5.5%, compounded continuously. calculate the balance of your account after 12 years. round answer to the nearest hundredth. last question and i need it correct plsss

The balance in the account after 12 years is $5417.42

Step-by-step explanation:

* Lets talk about the compound continuous interest

- Compound continuous interest can be calculated using the formula:

 A = P e^rt

•A = the future value of the investment, including interest

•P = the principal investment amount (the initial amount)

•r = the interest rate

•t = the time the money is invested for

- The formula gives you the future value of an investment,

  which is compound continuous interest plus the

  principal.

- If you want to calculate the compound interest only, you need

 to deduct the principal from the result.

- So, your formula is:

 Compounded interest only = Pe^(rt)  - P

* Now lets solve the problem

∵ P = $ 2800

∵ r = 5.5/100 = 0.055

∵ t = 12

∴ A = 2800 e^(0.055 × 12) = $5417.42

* The balance in the account after 12 years is $5417.42

college

b

step-by-step explanation:

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