Ali invests $4,078 in a retirement account with a fixed annual interest rate of 7% compounded continuously. What will the account balance be after 14 years? (round your answer to the nearest
dollar, and do NOT put a $ in your answer.

The account balance will be $10,866 after 14 years

Step-by-step explanation:

Compound continuous interest can be calculated using the formula:

Let us use this rule to solve the question

∵ Ali invests $4,078 in a retirement account

∴ P = 4,078

∵ The account with a fixed annual interest rate of 7% compounded

   continuously

∴ r = 7% = = 0.07

∵ The time is 14 years

∴ t = 14

Substitute these values in the rule above to find A

∵

→ Use the calculator to find the value of A

∴ A = 10,865.65255

→ Round it to the nearest dollar

∴ A = $10,866

∴ The account balance will be $10,866 after 14 years

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