SOLUTION: If $20,000 is invested in a savings account offering 3.5% per year, compounded continuously, how fast is the balance growing after 4 years? (Round your answer to the nearest cent.)

SOLUTION: If $20,000 is invested in a savings account offering 3.5% per year, compounded continuously, how fast is the balance growing after 4 years? (Round your answer to the nearest cent.)

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Question 427207: If $20,000 is invested in a savings account offering 3.5% per year, compounded continuously, how fast is the balance growing after 4 years? (Round your answer to the nearest cent.)
$ 1 per yr
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=20000(2.7183)^4*0.035
A=20000(2.7183)^0.14
A=20000*1.15
A=23,000.00
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