SOLUTION: You invest $3,200 in an account that pays an interest rate of 7.25%, compounded continously. Calculate the balance of your account after 12 years. Round your answer to the nearest

Algebra ->  Finance -> SOLUTION: You invest $3,200 in an account that pays an interest rate of 7.25%, compounded continously. Calculate the balance of your account after 12 years. Round your answer to the nearest      Log On


   

Question 972613: You invest $3,200 in an account that pays an interest rate of 7.25%, compounded continously.
Calculate the balance of your account after 12 years. Round your answer to the nearest hundredth.
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
A=Pe^rt , r is rate, t is time in years
A=3200*e^(.0725*12)=3200*e ^0.87
A= $7638.11