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: $13,000 for 12 years at 9%. The choices are rounded to the nearest cent.
A) $38,280.83
B) $14,178.09
C) $103,358.25
D) $95,702.09
E) $15,312.33

Question

Quizplus · Accepted Answer

Using the formula $A = p e ^ { r t }$, where $p = 13000$, $r = 0.09$, and $t = 12$, we calculate the total amount as follows: $A = 13000 \cdot e ^ {0.09 \cdot 12}$. This calculation results in approximately $38,280.83, which matches choice A.

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

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