LoLisLife LoLisLife

26-04-2017
Mathematics

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Find the amount in a continuously compounded account for the following condition. Principal, $5000; Annual interest rate, 5.3%; time, 3 years

The balance after 3 years is:

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wolf1728 wolf1728

26-04-2017

Total = Principal * e^(rate*years)
Total = 5,000 * 2.718281828^(.053*3)
Total = 5,000 * 2.718281828^.159
Total = 5,000 * 1.1723379466
Total = 5,861.69

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