5. A depositor places P10,000 in a certificate of deposit account which pays 7 percent interest per annum, compounded continuously. How much will the depositor have after 5 years if the interest rate remains constant over that time? OP14,390.68 OP14,090.68 OP14,190.68 OP14,290.68

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter5: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 37CT: On the day a grandchild is born, a grandparent deposits $2500 in a fund earning 7.5% interest,...
icon
Related questions
Question
5. A depositor places P10,000 in a certificate of deposit account which pays
7 percent interest per annum, compounded continuously. How much will
the depositor have after 5 years if the interest rate remains constant over
that time?
OP14,390.68
OP14,090.68
OP14,190.68
OP14,290.68
Transcribed Image Text:5. A depositor places P10,000 in a certificate of deposit account which pays 7 percent interest per annum, compounded continuously. How much will the depositor have after 5 years if the interest rate remains constant over that time? OP14,390.68 OP14,090.68 OP14,190.68 OP14,290.68
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax