Answer:
Answer for question (a) is choice C. $129,574,501,848
Answer for question (b) is choice B. $153,274,185,397
Step-by-step explanation:
P = $23
r = 6%
t = 377 years
If the money were compounded quarterly amount invested would be:
A = P(1 + [tex]\frac{r}{n}[/tex])^nt
A = $23(1 + [tex]\frac{0.06}{4}[/tex])^4(377)
A = $129,574,501,848
If the money were compounded continuously amount invested would be:
A = P × [tex]e^{rt}[/tex]
Where (e) is the Euler's constant
A = $23 × [tex]e^{0.06(377)}[/tex]
A = $153,274,185,397
