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Sagot :
Answer:
$2573.52
Step-by-step explanation:
Compound Interest Formula (Continuous)
There's a formula that calculates how much an account that constantly compounds interest.
[tex]P(t)=Pe^{rt}[/tex],
where P is the initial deposit, e is the natural constant (Euler's number), r is the rate of the interest (decimal form), t is the time in years, and P(t) is the value of the account at time t.
[tex]\hrulefill[/tex]
Solving the Problem
We're given
- P = 1,357
- r = 0.08
- t = 8
all we have to do it plug it in and compute!
[tex]P(8)=(1357)e^{(0.08)(8)}[/tex]
[tex]P(8)=2573.52[/tex]
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