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Answer:
The amount that results from investing $5000 at 3% compounded continuously for 5 years is $5800
Step-by-step explanation:
We are given:
Principal Amount (P) = $5000
Years (t) = 5
Rate (r) = 3% or 0.03
We need to find New Amount (A)
The formula used is:
Since amount is compounded continuously so n=1
Putting values and finding A
So, New Amount (A) = $5800
The amount that results from investing $5000 at 3% compounded continuously for 5 years is $5800