Answer: $ 3462.03
Step-by-step explanation:
The exponential equation for growth (compounded continuously) is given by :-
[tex]A=Pe^{rt}[/tex]
, where P= Present value
r= growth rate ( in decimal)
t= time
As per given , we have
P=$1900, r = 6% =0.06 and t= 10
Substitute all the values in the above equation , we get
[tex]A=1900e^{0.06(10)}[/tex]
[tex]A=1900e^{0.6}[/tex]
[tex]A=1900(1.8221188)=3462.02572\approx3462.03[/tex] [To the nearest cent]
Hence, the balance in the account after 10 years = $ 3462.03
