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V125BC [204]
3 years ago
14

You invest $3,000 in an account with an interest rate of 5.5% compounded continuously. How much money would be in the account af

ter 5 years? Round your answer to the nearest whole number.
Mathematics
1 answer:
BabaBlast [244]3 years ago
7 0
Use the compound amount formula for continuous compounding:

A = Pe^(rt)

Here,

A = $3000e^(0.055^5) = $3950 (rounded up from $3949.59)

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