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kumpel [21]
3 years ago
6

you invest $1600 into an account that pays an interest rate of 4.75 percent compounded continuously. Calculate the balance after

seven years.
Mathematics
1 answer:
BigorU [14]3 years ago
5 0
Compounding continuously uses the A = Pe^(rt) formula
A = amount in the account after specified period of time
P = principal
e = constant 
r = rate (change to decimal)
t = time in years 
A = 1600<em>e</em>^(.0475*7)
A = $ 2231.12

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