SOLUTION: You desposit $5000 in an account that pays 7% annual interest compounded continuously. What is the balance after 2 years?
Algebra.Com
Question 198435: You desposit $5000 in an account that pays 7% annual interest compounded continuously. What is the balance after 2 years?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
FV = $5000*(1.07)^2 compounded annually
= $5724.50
-------------
FV = $5000*e^(.07*2)
FV = $5751.37 compounded continuously
RELATED QUESTIONS
you deposit $725 in an account that pays 4.5% annual interest compounded continuously.... (answered by stanbon)
You deposit 500 in an account that pays 5% annual interest compounded continuously. What... (answered by lwsshak3)
You deposit $2500 in an account that pays 3.5% annual interest compounded continuously.... (answered by rfer)
This is a story problem. It reads, "you deposit 2500 dollars in an account that pays 3.5% (answered by lwsshak3)
You deposit $1400 in an account that pays 3% annual interest compounded continuously.... (answered by solver91311)
you deposit $1400 into an account that pays 3% annual interest compounded continuously... (answered by lynnlo)
You deposit $12,000 dollars in an account that pays 5.5% interest compounded monthly.... (answered by fractalier)
you deposit $3000 in an account that pays 6% annual interest. find the balance after 2... (answered by palanisamy)
you deposit $1000 in an account that pays 6% annual interest compounded continuously.... (answered by rfer)