Answer:
$3188.20
Explanation:
From the information given:
• Principal, P = $2200
,• Interest Rate, r=5.3% = 0.053
,• Time, t=7 years
For a principal compounded continuously, we use the formula to determine the amount in the account:
[tex]A(t)=Pe^{rt}[/tex]Substituting the given values, we have:
[tex]\begin{gathered} A(t)=2200\times e^{0.053\times7} \\ =\$3188.20 \end{gathered}[/tex]You will have $3188.20 after 7 years.
