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 $7000 deposit in an account with an APR of 3.3%.

The balance in the account after 1 year is approximately $

The balance in the account after 5 years is approximately $

The balance in the account after 20 years is approximately $ (Round to the nearest cent as needed.)

Answer #1

P = 7000

r = 0.033 (in decimal form)

t = changing, and A is what we need to find.

**a)** t = 1 then:

(rounded to nearest cent)

**b)** t = 5 then:

(rounded to nearest cent)

**c)** t = 20 then:

(rounded to nearest cent)

So, in percentage term: APY = **3.0%** (rounded to
1 decimal places)

or **3.05**% (rounded to 2 decimal places)

Please comment if any doubt. Thank you.

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