Use the formula $A = p e ^ { r t }$ to find the total amount of money accumulated at the end of the indicated time period by compounding continuously: $6,750 for 11 years at 9.5%. The choices are rounded to the nearest cent.
A) $7,677.18
B) $19,192.94
C) $5,187.28
D) $71,013.88
E) $47,982.35

Question

Quizplus · Accepted Answer

Using the given formula, we have:
$p = 6750$, $r = 0.095$, $t = 11$
$A = pe^{rt}$
$= 6750e^{0.095 \cdot 11}$
$= 6750e^{1.045}$
$= 19192.94$
So the answer is B, $19,192.94.

Use the Formula A=pertA = p e ^ { r t }A=pert

Use the Formula $A = p e ^ { r t }$