Multiple Choice Please select the best answer and click subm

Multiple Choice: Please select the best answer and click \"submit.\" How much would $150 invested at 8% interest compounded continuously be worth after 17 years? Round your answer to the nearest cent.

Solution

We are given the formula

A= P*e^rt

e is euler\'s constant =2.7183

r= 8%= 8/100=0.08

time = 17 years

A=150(2.7183)^0.08*17

A=150(2.7183)^1.36

A=150*3.8962

A=584.43

Option B is the answer.