SOLUTION: what will be the balance in an account and the interest earned on $5000 invested at 3 and 1/4 % compounded continuously for 5 years?

Question 404659: what will be the balance in an account and the interest earned on $5000 invested at 3 and 1/4 % compounded continuously for 5 years?
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
what will be the balance in an account and the interest earned on $5000 invested at 3 and 1/4 % compounded continuously for 5 years?
..
The formula for interest compounded continuously:
A=Pe^rt, A=amount after t years, P=amount invested, r=annual rate of interest.
A=5000e^.0325*5=5882.24
ans:
balance in the acccount will be=$5882.24

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