Josslyn placed $4400 in a savings account that earns 3.2% interest, compounded continuously. How much will she have in the account after 8 years? Round your answer to the nearest dollar. Do NOT round until you have calculated the final answer.
Added by John B.
Step 1
- \(P\) is the principal amount (the initial amount of money). - \(P = \$4400\) in this case. - \(r\) is the annual interest rate (decimal). - \(r = 3.2\% = 0.032\) when converted to decimal. - \(t\) is the time the money is invested for in years. - \(t = 8\) Show more…
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