Suppose You Make Monthly Deposits of P Dollars in a Savings

question 165

Multiple Choice

Suppose you make monthly deposits of P dollars in a savings account at an annual interest rate r , compounded continuously. Find the balance A after t years given that $A = \frac { P \left( e ^ { n } - 1 \right) } { e ^ { t / 12 } - 1 }$ where $P = 60 , r = 3 \%$ ans $t = 40$ years. Round your answer to two decimal places.

• A)$926.89
• B)$111,227.46
• C)$79,583.24
• D)$103,553.26
• E)$55,613.23