SOLUTION: you deposit $725 in an account that pays 4.5% annual interest compounded continuously. what is the balance after 3 years?

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Question 439751: you deposit $725 in an account that pays 4.5% annual interest compounded continuously. what is the balance after 3 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
you deposit $725 in an account that pays 4.5% annual interest compounded continuously. what is the balance after 3 years?
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A(t) = P*e^(rt)
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A(3) = 725*e^(0.045*3)
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A(3) = 725*1.1445
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A(3) = $829.79
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Cheers,
Stan H.
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