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deff fn [24]
4 years ago
13

If the Lafita family deposits 8500$ ina savings account at 6.75% interest, compounded continuously, how much will be the account

after 25 years
Mathematics
1 answer:
julsineya [31]4 years ago
8 0
A=pe^rt
A=8,500×e^(0.0675×25)
A=45,950.57
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\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$4000\\ r=rate\to 5.5\%\to \frac{5.5}{100}\dotfill &0.055\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &4 \end{cases} \\\\\\ A=4000\left(1+\frac{0.055}{1}\right)^{1\cdot 4}\implies A=4000(1.055)^4\implies A\approx 4955.2986

4 0
3 years ago
Read 2 more answers
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