The continuous compounding formula is given to be:
[tex]A=Pe^{rt}[/tex]
where
P = the initial amount
A = the final amount
r = the rate of interest
t = time
e is a mathematical constant where e ≈ 2.7183.
From the question, we have the following parameters:
[tex]\begin{gathered} P=10,427 \\ r=\frac{4.502}{100}=0.04502 \\ t=11 \end{gathered}[/tex]
Inputting these values into the formula, we have:
[tex]\begin{gathered} A=10427e^{0.04502\times11} \\ A=$17,109.24$ \end{gathered}[/tex]
Therefore, the final value when compounded continuously is $17,109.24.
