What are the solutions of the equation (5x − 2)(x + 6) = 0?
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Answer:
The amount in the account at the end of three years will be $59,861.
Step-by-step explanation:
The formula to compute the amount at the end of <em>t</em> years, compounded continuously is:
Here,
A = Amount at the end
P = Principal amount
i = interest rate
t = number of years.
It is provided that:
P = $50,000
i = 6%
t = 3 years
Compute the amount in the account at the end of three years as follows:
Thus, the amount in the account at the end of three years will be $59,861.