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77julia77 [94]
3 years ago
8

You invest 1,600 in an account that pays an interest rate of 6.5% compounded continuously calculate the balance after 6 years

Mathematics
1 answer:
tangare [24]3 years ago
6 0

The amount A when the principal P is compounded continuously is given by the formula :

A=P E^{rt}

Here r is rate of interest and t is time .

In the question P=1600 ,r=6.5%=0.065 ,t= 6 years

Substituting these values in the formula

A=(1600) e^{0.065 times 6}

A= 1600(1.48)

A=2363.17

Balance after 6years is $2363.17

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