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Answer: The balance in the account after 10 years is $3374.65
Step-by-step explanation:
The exponential equation for growth [ compounded continuously] is
, where P= Present value
r= growth rate ( in decimal)
t= time (years)
By considering the given information , we have
p=$2500 r = % =0.03 and t= 10
Substitute all the values in the above equation , we get
[Round to the nearest cent]
Therefore, the balance in the account after 10 years is $3374.65