Question

Use the formula for continuous compounding to compute the balance in the account after? 1, 5, and 20 years.? Also, find the APY for the account. A?=$17,000 deposit in an account with an APR of 3.75?%.

Answer #1

equation to find balence of continues compounding is

here P is amount invested . here P=17000

r is Apr in decimal . here Apr= 3.75 . so r= 0.0375

t is number of years .

equation to find Apy is

1 year

put t=1

5 year

put t=5

20 year

t=20

now

this is in decimal . so multiply by 100.

sp **apy= 3.821%**

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