Eli received $10,000 in gift money when he graduated from high school. He deposits the money into an account with a 5 percent annual interest rate, compounded continuously. Use the formula P(t)=10,000e0.05t

Question

to determine how much money will be in his account in four years. Include cents, if needed.(1 point)
$

Answer 1

P(t)=10,000e^(0.05t)

P(4)=10,000e^(0.05*4)

P(4)=10,000e^(0.2)

P(4)=10,000*1.22140

P(4)=12,214

So, Eli will have $12,214 in his account in four years.