question 29 of 30\nif you deposit $750 in an account that pays 8% annual interest compounded continuously…

Explanation:

Step1: Identify the continuous - compounding formula

The formula for continuous - compounding is $A = Pe^{rt}$, where $A$ is the final amount, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

Given $r = 8%=0.08$, $P=$750$, and $t = 5$ years.

Step3: Substitute the values into the formula

$A=750\times e^{0.08\times5}$. First, calculate the exponent: $0.08\times5 = 0.4$. Then, find the value of $e^{0.4}$. Using a calculator, $e^{0.4}\approx1.4918247$. Now, multiply by the principal: $A = 750\times1.4918247\approx1118.87$.

Answer:

A. $$1,118.87$