Question
Gabriela invests $1,200 into a continuously compounding account with annual interest rate of 16 percent. Use the formula P(t)=1,200e^0.16t to determine the amount of money in the account after one year. Included cents, if needed.
Answers
GPT 3.5
To find the amount of money in the account after one year, we need to plug in t = 1 into the formula P(t) = 1,200e^0.16t:
P(1) = 1,200e^(0.16*1)
P(1) = 1,200e^0.16
P(1) = 1,200 * 1.17351087099182
P(1) = 1408.21
Therefore, after one year, Gabriela will have $1408.21 in the account.
P(1) = 1,200e^(0.16*1)
P(1) = 1,200e^0.16
P(1) = 1,200 * 1.17351087099182
P(1) = 1408.21
Therefore, after one year, Gabriela will have $1408.21 in the account.