Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY

Question

3 years ago

6

for the account. A 17,000 deposit in an account with an APR of 4.5%. The balance in the account after 1 year is approximately?

1 answer:

tigry1 [53] · Answer 1 · 2022-07-21T05:27:52+03:00

3 0

I believe answer is the square root of 87+56-12=5

Use the formula for continuous compounding to compute the balance in the account after​ 1, 5, and 20 years.​ Also, find the APY