An investment account was opened with an initial deposit of $8,800 and earns 5.6% interest compounded continuously. How much will the account be worth after 14 years? Round your answer to two decimal places. The account would be worth $ Number after 14 years.
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Step 1: Use the formula for continuous compound interest: \(A = P \times e^{rt}\), where \(A\) is the amount, \(P\) is the principal (initial deposit), \(r\) is the interest rate, and \(t\) is the time in years. Show more…
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