Suppose you deposit $600 into an account that pays 5% annual interest, compounded continuously. How much will you have in the ac
count in 4 years? ƒ(t) = aert A) $4,433.43 B)635.62 C)$729.30 D)$732.84
1 answer:
Answer:
D)$732.84
Step-by-step explanation:
A=p(1+r/n)^nt
P=principal=$600
r=5%=0.05
t=4 years
n=12 months
A=p(1+r/n)^nt
=600(1+0.05/12)^12*4
=600(1+0.0041666666666 )^48
=600(1.0041666666666 )^48
=600( 1.2208953550215 )
=732.53
A=$732.53
Option D)$732.84 is the answer
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