tashe19 tashe19

28-06-2018
Mathematics

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Suppose you invest $5000 at an annual interest rate of 6.3% compound continuously. How much will you have in the account after 3 years?

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altavistard altavistard

08-07-2018

Use the formula for continuous compounding: A = Pe^(rt), where r is the interrest rate as a decimal fraction. Then,

A = $5000e^(0.063*3) = $6040.20 (answer)

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