Description
Suppose you invest $5000 at an annual interest rate of 6.3% compounded continuously. How much will you have in the account after 3 years? Round the solution to the nearest dollar. |
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Explanation & Answer
A=p(1+rt)
A=totel money
p=invest money
r-rate
t-time in years
=5000(1+6.3/100*3)
=$5945
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