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seropon [69]
3 years ago
15

You deposit $3000 in an account earning 4% interest compounded continuously. How much will you have in

Mathematics
1 answer:
V125BC [204]3 years ago
7 0

Answer: $3,664.21

Formula: A=Pe^{rt}

  • P = principle/original amount = $3000
  • r = rate of interest = 4% = 0.04
  • t = time period (in years) = 5
  • A = the new amount
  • e = Euler's number ≈ 2.718...

Substitute in the values:

A=(3000)e^{(0.04)(5)} =(3000)e^{0.2} =(3000)(1.2214)=3664.208

<u>Approximately $3,664.21</u>

<em>I think this is how you solve it o_O</em>

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