Find the amount in a continuously compounded account for the following condition. Principal, $5000; Annual interest rate, 5. 3%; time, 3 years
The balance after 3 years is:
1 answer:
Total = Principal * e^(rate*years)
Total = 5,000 * 2.718281828^(.053*3)
Total = 5,000 * 2.718281828^.159
Total = 5,000 *
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<span>
<span>
1.1723379466
</span>
</span>
</span>
<span>Total = 5,861.6</span>9
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