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Rudiy27
3 years ago
13

15 points and brainliest!! Please help! You deposit $5000 in an account earning 5% interest compounded continuously. How much wi

ll you have in the account in 15 years?
Mathematics
2 answers:
Anna71 [15]3 years ago
5 0

Answer:

$ 10394.64

Step-by-step explanation:

(Assuming the compound is by year)

The equation for compound interest is A = P(1+r/n)^nt, where A is the amount that comes out, P is the amount put in, r is the interest, n is the # of times interest is compounded per year, and t is the number of years.

Plugging in the numbers we know, we get <em>A = 5000*(1 + 0.05)¹⁵</em>.

That is <em>5000*1.05¹⁵</em> ≈ $10394.64

(I find this quite unreasonably large, but since 1.05¹⁵ > 2, it checks out.)

elena55 [62]3 years ago
4 0

5000, 0.05, 15 Concert 5% to a decimal

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