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ipn [44]
3 years ago
15

you invest $2800 in an account that pays an interest of 5.5%, compounded continuously. calculate the balance of your account aft

er 12 years. round answer to the nearest hundredth. LAST QUESTION AND I NEED IT CORRECT PLSSS
Mathematics
2 answers:
LuckyWell [14K]3 years ago
5 0

Hi, hope this helps you. Have a good day. :)

Answer:

A = $5,417.42 (balance of the account)

I = $2,617.42

AlexFokin [52]3 years ago
5 0

Answer:

The balance in the account after 12 years is $5417.42

Step-by-step explanation:

* Lets talk about the compound continuous interest

- Compound continuous interest can be calculated using the formula:

 A = P e^rt

• A = the future value of the investment, including interest

• P = the principal investment amount (the initial amount)

• r = the interest rate

• t = the time the money is invested for

- The formula gives you the future value of an investment,

  which is compound continuous interest plus the

  principal.

- If you want to calculate the compound interest only, you need

 to deduct the principal from the result.

- So, your formula is:

 Compounded interest only = Pe^(rt)  - P

* Now lets solve the problem

∵ P = $ 2800

∵ r = 5.5/100 = 0.055

∵ t = 12

∴ A = 2800 e^(0.055 × 12) = $5417.42

* The balance in the account after 12 years is $5417.42

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