Respuesta :
The amount of money you have if you invested $15,000 dollars for 11 years at 3% annual interest compounded continuously is $20864.521
Solution:
You invested $15,000 dollars for 11 years at 3% annual interest compounded continuously
To find: total amount of money
The compound interest formula for compounded continously is given as:
[tex]A = p e^{rt}[/tex]
Where "p" is the principal
"r" is the rate of interest
"t" is the number of years
Here in this problem,
p = 15000
r = 3 % = [tex]\frac{3}{100}[/tex] = 0.03
t = 11 years
Substituting the values in formula we get,
[tex]A = 15000e^{0.03 \times 11}[/tex]
[tex]A = 15000e^{0.33}\\\\A = 15000 \times 1.3909 \\\\A = 20864.521[/tex]
So the amount of money you have is $ 20864.521
