Sarah invested $2,500 in an account paying an interest rate of 2.1% compounded continuously. Assuming no deposits or withdrawals
1 answer:
Answer:
<h2>$3,000</h2>Step-by-step explanation:
This problem is based on compound interest, and the expression for the compound interest is given as
Given Data
A = final amount = ?
P = initial principal balance = $2,500
r = interest rate = 2.1%= 0.021
t = number of time periods elapsed= 14 years
Substituting our data into the compound interest formula we can solve for the final amount
<em>Hence to the nearest hundred we have the account balance has $3,000</em>
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