Suppose an investment account is opened with an initial depo

Suppose an investment account is opened with an initial deposit of $19,500 earning 7.75% interest, compounded continuously. How much will the account be worth after 25 years? (Round your answer to two decimal places.)

Solution

we have to use the following formula

A=p e^rt

p=$19500

r=7.75%=.0775

t=25years

A=19500 e^.0775*25

A=$135,357