If you were to place $5,000 in a savings account that pays 6% interest compounded continuously, how much money will you have after 4 years? assume you make no other deposits or withdrawals.

a. $6,356.25
b. $11,821.07
c. $5,024
d. $6,312.38

Option D - $6312.38

Step-by-step explanation:

Given : If you were to place $5,000 in a savings account that pays 6% interest compounded continuously.

To find : How much money will you have after 4 years?

Solution :

Using compound interest formula,

Where A is the amount,

P is the principle P=$5000  

r is the rate r=6%=0.06

t is the time t= 4 years

Substitute the value,

The money he have after 4 years is $6312.38

Therefore, Option D is correct.

A 6,356.25

Step-by-step explanation:

A

P

E

X

i think the correct option is the second option.

step-by-step explanation:

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