Ariana invested $7,500 in an account paying an interest rate of 2.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 14 years?
I will assume that 'compounded continuously' means compounded annually. If this is not so, please tell me. Then
7500*1.029^14=11191.196 which rounds to $11190.
FV ==7,500 x e^(0.029*14)
FV ==7,500 x e^0.406
FV ==7,500 x 1.50080255
FV ==$11,256.00 - FV of the account after 14 years.
