Answer:
$13,054.13
Step-by-step explanation:
You are going to want to use the continuous compound interest formula, which is shown below.
[tex]A = Pe^{rt}[/tex]
A = total
P = principal amount
r = interest rate (decimal)
t = time (years)
First, lets change 7.25% into a decimal:
7.25% -> [tex]\frac{7.25}{100}[/tex] -> 0.0725
Now, plug the values into the equation:
[tex]A=4,400e^{0.0725(15)}[/tex]
[tex]A=13,054.13[/tex]
Your balance will be $13,054.13
