Answer:
[tex]\$3,200.57[/tex]
Step-by-step explanation:
we know that
The formula to calculate continuously compounded interest is equal to
[tex]A=P(e)^{rt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
e is the mathematical constant number
we have
[tex]t=7\ years\\ P=\$1,120\\ r=0.15[/tex]
substitute in the formula above
[tex]A=\$1,120(e)^{0.15*7}=\$3,200.57[/tex]
