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konstantin123 [22]
3 years ago
6

A savings account with a current balance of $5,000 earns 2.75% annual interest, compounded continuously. To the nearest dollar,

what will be the account balance in 10 years?

Mathematics
2 answers:
Anna11 [10]3 years ago
4 0
Use this formula. P=5000, r=0.0275, n=e, t=10

Elena-2011 [213]3 years ago
3 0

Answer:

This is an example of growth because every year, the account earns 2.75% interest.  

To solve this problem I will use the general formula for compound interest.  

A = 5,000(1 + 0.0275/1)^10

A = 5,000(1.312)  

A = $6558  

After ten years, the savings account would have a balance of $6558 due to the 2.75% annual interest.

Step-by-step explanation:

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