Question

question 13 of 25
how much would $150 invested at 8% interest compounded continuously be worth after 17 years? round your answer to the nearest cent.
$a(t)=pcdot e^{rt}$
a. $555.00$
b. $584.43$
c. $354.00$
d. $471.39$

Explanation:

Step1: Identify variables

$P = 150$, $r = 0.08$, $t = 17$

Step2: Apply continuous compound formula

$A(17) = 150 \cdot e^{0.08 \cdot 17}$

Step3: Calculate exponent

$0.08 \cdot 17 = 1.36$

Step4: Compute $e^{1.36}$

$e^{1.36} \approx 3.89617$

Step5: Find final amount

$150 \cdot 3.89617 \approx 584.43$

Answer:

B. $584.43$