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Sauron [17]
3 years ago
6

FlybynightSavings.com is offering a savings account that pays 33% compounded continuously. How much interest would a deposit of

$3,000 earn over 10 years? (Round your answer to the nearest cent.)
Mathematics
1 answer:
pychu [463]3 years ago
6 0
The exact calculations:
Principal, P=3000
interest rate = 33% per year
Period, t=10 years

Future value
F=Pe^(it)
=3000e^(0.33*10)
=81337.92

Interest 
= future value - principal
= 81337.92-3000
= 78337.92  (to the nearest cent)


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