If the laffite family deposits $8500 in a savings account at 6.75% interest, compounded continuously, how much will be in the account after 25 years?

$45950.57

Step-by-step explanation:

We have been given that the Laffite family deposits $8500 in a savings account at 6.75% interest, compounded continuously.

To find the amount in the account after 25 years we will use continuous compounded interest formula.

,where,

A = Final amount after t years,

P = Principal amount,

e = Mathematical constant,

r = Interest rate in decimal form,

t = Time.

Let us convert our given rate in decimal form.

Upon substituting our given values in above formula we will get,

Therefore, there will be $45950.57 in the account after 25 years.

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step-by-step explanation: