Today you put $1000 in the bank. your bank pays 5% interest, continuously compounded. in 3 years, how much money will you have in the bank (rounded to the nearest dollar)?

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08-02-2018
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Today you put $1000 in the bank. your bank pays 5% interest, continuously compounded. in 3 years, how much money will you have in the bank (rounded to the nearest dollar)?

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mathmate mathmate · Answer 1 · 2018-02-11T14:10:14+01:00

mathmate mathmate

11-02-2018

[tex][/tex]
With continuous interest,
[tex]F=Pe^{rt}[/tex]
where
F=future value
P=principal = 1000
r=rate=5%
t=time=3 years

[tex]F=Pe^{rt}[/tex]
[tex]=1000e^{0.05*3}[/tex]
[tex]=1000e^{0.15}[/tex]
[tex]=1161.83[/tex]

Answer: The accumulated amount after three years is $1161.83

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