SOLUTION: If $5000 is invested in a savings account that pays 7.85% interest compounded continuously, how much money will be in the account after 12 years?

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Question 194867: If $5000 is invested in a savings account that pays 7.85% interest compounded continuously, how much money will be in the account after 12 years?

Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
Fv=Pe%5Eyr=5000%2Ae%5E12%28.075%29=5000e%5E.942=5000%282.5651065%29=12825.53
Fv-future value: P-principal: y=number of years: r-rate