9. Suppose we deposit $1000 into a bank account which pays 5% annual interest, and the interest is compounded continuously. What is our average balance in this account over a period of five years. Note: There are no further deposits or withdrawals during this period. (A) $1,094 (B) $1,136 (C) $1,156 (D) $1,189
9. Suppose we deposit $1000 into a bank account which pays 5% annual interest, and the interest is compounded continuously. What is our average balance in this account over a period of five years. Note: There are no further deposits or withdrawals during this period. (A) $1,094 (B) $1,136 (C) $1,156 (D) $1,189
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 8RE: Suppose an investment account is opened with aninitial deposit of 10,500 earning 6.25...
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Transcribed Image Text:9. Suppose we deposit $1000 into a bank account which pays 5% annual interest,
and the interest is compounded continuously. What is our average balance in this
account over a period of five years. Note: There are no further deposits or
withdrawals during this period.
(A) $1,094
(B) $1,136
(C) $1,156
(D) $1,189
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