2) Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years. a) Find the total amount in the account at the end of 5 years. Give your answer to the nearest hundredth (two decimal places). b) Find the total amount of interest accrued over the 5-year period. Give your answer to the nearest hundredth (two decimal places). Note: Please explain all the questions above, Thank you.
2) Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years. a) Find the total amount in the account at the end of 5 years. Give your answer to the nearest hundredth (two decimal places). b) Find the total amount of interest accrued over the 5-year period. Give your answer to the nearest hundredth (two decimal places). Note: Please explain all the questions above, Thank you.
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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2) Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years.
a) Find the total amount in the account at the end of 5 years. Give your answer to the nearest hundredth (two decimal places).
b) Find the total amount of interest accrued over the 5-year period. Give your answer to the nearest hundredth (two decimal places).
Note: Please explain all the questions above, Thank you.
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