SOLUTION: If $5000 is invested in a savings account that pays 7.85% interest compounded continuously, how much money will be in the account after 12 yr?

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Question 30281: If $5000 is invested in a savings account that pays 7.85% interest compounded continuously, how much money will be in the account after 12 yr?
Answer by Paul(988) About Me  (Show Source):
You can put this solution on YOUR website!
Formula can be used:
A=Pe%5E%28r%2At%29
A=5000e%5E%280.0785%2A12%29
e = 2.71828
A=5000e%5E0.942
A=12825.53





Hence, about $12825.53 will be invested after 12 years.

Paul.