SOLUTION: You invest $350 in an account with an interest rate of 1.2% compounded continuously. How much money would be in the account after 10 years? Round your answer to the nearest whole n

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Question 560067: You invest $350 in an account with an interest rate of 1.2% compounded continuously. How much money would be in the account after 10 years? Round your answer to the nearest whole number.
Answer by fcabanski(1391) About Me  (Show Source):
You can put this solution on YOUR website!
A=Pe%5Ert
A is the amount after the compounding.
P = principal = 350
e = appox. 2.7183 (napier's number)
r = annual interest rate = 1.2% =.012
t = year = 10.
A=350%2Ae%5E%28.012%2A10%29=+394.62
That's $395 rounded to the nearest whole number.

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