Jackson deposited $5000 at 3.8% interest compound continuously when he was 18 years old. how much will be in the account when he is 40 years old if he made no other deposits or withdrawals

$11535.60

Step-by-step explanation:

We have been given that Jackson deposited $5000 at 3.8% interest compound continuously when he was 18 years old.

To find the amount that Jackson will earn when he is 40 years old, we will use compound interest formula.

A= Amount after T years.

P= Principal amount.

e= Mathematical constant e.

r= Interest rate (in decimal form).

T=  Time in years.

Let us convert our given interest rate into decimal form.

Upon substituting our given values in above formula we will get,

Therefore, Jackson will have $11535.60 in his account when he is 40 years old.