SOLUTION: You invest $3,200 in an account that pays an interest rate of 7.25%, compounded continously. Calculate the balance of your account after 12 years. Round your answer to the nearest

SOLUTION: You invest $3,200 in an account that pays an interest rate of 7.25%, compounded continously. Calculate the balance of your account after 12 years. Round your answer to the nearest

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Question 972613: You invest $3,200 in an account that pays an interest rate of 7.25%, compounded continously.
Calculate the balance of your account after 12 years. Round your answer to the nearest hundredth.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
A=Pe^rt , r is rate, t is time in years
A=3200*e^(.0725*12)=3200*e ^0.87
A= $7638.11
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