Determine the annual rate of continuously compounding interest in a savings account if an amount of Php 3000 is initially deposited in the bank and after 16 months, the amount in the account is Php 4000. Determine also the amount in the account after 45 months the initial deposit was made. Assume no additional withdrawals and deposits.
Determine the annual rate of continuously compounding interest in a savings account if an amount of Php 3000 is initially deposited in the bank and after 16 months, the amount in the account is Php 4000. Determine also the amount in the account after 45 months the initial deposit was made. Assume no additional withdrawals and deposits.
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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Determine the annual rate of continuously compounding interest in a savings account if an amount of Php 3000 is initially deposited in the bank and after 16 months, the amount in the account is Php 4000. Determine also the amount in the account after 45 months the initial deposit was made. Assume no additional withdrawals and deposits.
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