Eli received $10,000 in gift money when he graduated from high school. He deposits the money into an account with a 5 percent annual interest rate, compounded continuously. Use the formula P(t)=10,000e^0.05t to determine how much money will be in his account in four years. Include cents, if needed.(1 point)
To find out how much money will be in Eli's account in four years, we need to substitute the value of t = 4 into the formula P(t)=10,000e^(0.05t):
P(t) = 10,000e^(0.05*4)
P(t) = 10,000e^(0.2)
P(t) ≈ 10,000*1.221402758
P(t) ≈ $12,214.03
Therefore, there will be $12,214.03 in Eli's account in four years.