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?
2 answers:
Use this formula. P=5000, r=0.0275, n=e, t=10
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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