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22 November, 21:18

Suppose you put $1000 in an account earning 5.5% interest compounded continuously. How much will be in the account after four years?

a. $941

b. $1,246

c. $1,057

d. $1,839

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  1. 22 November, 21:36
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    Answer: The correct answer will be $1,220 in the account after four years.

    Step-by-step explanation: For this problem we will use the "Simple Interest" equation to find the amount of interest you will earn after 4 years.

    First, convert 5.5% to a decimal, 0.055.

    I, interest = 1000 x 0.055 x 4

    I = $220

    Now add the interest to the total amount of money originally in the account.

    1000 + 220 = $1,220
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