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adelina 88 [10]
3 years ago
10

Katie deposited $2,000 into a new savings account that paid interest at an annual rate of 3%, compounded continuously. If there

were no other transactions, approximately how much money was in Katie's account 6 years after she made the deposit?
Mathematics
1 answer:
Zinaida [17]3 years ago
5 0

Answer: $ 2388.10

Step-by-step explanation:

Given: Principal value : P= $2,000

annual rate : r= 3% = 0.03

Time : t= 6 years

Formula to calculate the accumulated amount if compounded continuously :-

A=P(1+r)^t

A=2000(1+0.03)^6\\\\=2000(1.03)^6\\\\=2000(1.1940523)\\\\=2388.10

Hence, Money in Katie's account after 6 years = $ 2388.10

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