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Goryan [66]
3 years ago
14

please help!!!!! what will be the balance in an account that was initially $400 and has been drawing 5.5% interest compounded co

ntinuously for 8 years? thank you in advance!!​

Mathematics
1 answer:
Viktor [21]3 years ago
4 0

Answer:

  $621.08

Step-by-step explanation:

The formula for the amount (A) resulting from principal P being invested at rate r continuously compounded for period t is ...

  A = Pe^(rt)

Filling in the given numbers and doing the arithmetic, we get ...

  A = $400e^(0.055·8) ≈ $621.08

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