Answer:
[tex]\$20,864.52[/tex]
Step-by-step explanation:
we know that
The formula to calculate continuously compounded interest is equal to
[tex]A=P(e)^{rt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
e is the mathematical constant number
we have
[tex]t=11\ years\\ P=\$15,000\\ r=3\%=3/100=0.03[/tex]
substitute in the formula above
[tex]A=15,000(e)^{0.03*11}[/tex]
[tex]A=15,000(e)^{0.33}[/tex]
[tex]A=\$20,864.52[/tex]
