SOLUTION: if 700$ is deposited in an account paying 9 % compounded continuously then what amount will be in the account after 5 years?

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Question 1090668: if 700$ is deposited in an account paying 9 % compounded continuously then what amount will be in the account after 5 years?
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
The formula for continuous compounding is FV=Pe^rt, where FV is future value,P is the initial amount, r is the interest rate, and t is time. So, for this case,we have:
FV=700*e^5(.09)
FV=700*e^.45
FV=$1097.82
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