$1240 would be in the account after 8 years
Step-by-step explanation:
Compound continuous interest can be calculated using the formula:
[tex]A=Pe^{rt}[/tex]
1. A is the future value of the investment, including interest
2. P is the principal investment amount (the initial amount)
3. r is the interest rate in decimal
4. t is the time the money is invested for
Alexander invested $850 in an account paying an interest rate of 4.7%
compounded continuously for 8 years
∵ The invested money is $850
∴ P = $850
∵ The rate of interest is 4.7%
∴ r = (4.7/100) = 0.047
∵ The money would be in the account for 8 years
∴ t = 8 years
Substitute all of these values in the formula above
∴ [tex]A=(850)e^{(0.047)(8)}[/tex]
∴ A = $1237.98
- Approximate it to the nearest ten dollars
∴ A = $1240
$1240 would be in the account after 8 years
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You can learn more about interest in brainly.com/question/11149751
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