Answer:
The balance of the account is $64,190.
Step-by-step explanation:
The amount of money after t years of continous compounding is given by the following equation:
[tex]P(t) = P(0)e^{rt}[/tex]
In which P(0) is the initial deposit and r is the interest rate, as a decimal.
$60,000 deposited for 6 years at 1.125% interest compounded continuously.
This means that [tex]P = 60000, r = 0.01125, t = 6[/tex]
So
[tex]P(6) = 60000e^{0.01125*6} = 64190[/tex]
The balance of the account is $64,190.
