3.6/k = 0.2/ 0.5 solve the following proportions
1 answer:
You might be interested in
Answer:
***The balance after 4 years is $3738.23***
Step-by-step explanation:
The amount in a continuously compounded account is given by:
where P=$3000 is the principal, r=5.5% is the annual interest rate and t=4 years.
We substitute these values to obtain:
This will evaluate to:
Rounding to the nearest cent, we get: $3738.23