Question

You deposit $725 in an account that pays

Answer 1

Answer:

The balance after  3 years is $827.34

Explanation:

We are given that You deposit $725 in an account that pays  4.5% annual interest compounded continuously.

Principal = $725

Rate of interest = 4.5%

Time = 3 years

We are supposed to find the balance after  3 years.

Formula : $A=P(1+r)^t$

A= Amount

P = Principal

r = rate of interest in decimals

t = time

$A=725(1+\frac{4.5}{100})^3$

$A=827.34$

Hence  the balance after  3 years is $827.34