abi70713 abi70713

09-01-2018
Mathematics

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You invest $3,000 in an account with an interest rate of 5.5% compounded continuously. How much money would be in the account after 5 years? Round your answer to the nearest whole number.

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altavistard altavistard

14-01-2018

Use the compound amount formula for continuous compounding:

A = Pe^(rt)

Here,

A = $3000e^(0.055^5) = $3950 (rounded up from $3949.59)

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