George invests $5,000.00 in a savings account which pays 7% compounded continuously. Consider the following formula, where A is the ending account balance after t years, P is the initial amount of money invested, and r is the interest rate. A = P(2.71)rt How much money would he have in his savings account after 5 years? A. $6,415.23 B. $9,093.93 C. $5,361.40 D. $7,087.76
George invests $5,000.00 in a savings account which pays 7% compounded continuously. Consider the following formula, where A is the ending account balance after t years, P is the initial amount of money invested, and r is the interest rate. A = P(2.71)rt How much money would he have in his savings account after 5 years? A. $6,415.23 B. $9,093.93 C. $5,361.40 D. $7,087.76
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.2: The Natural Exponential Function
Problem 2E
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George invests $5,000.00 in a savings account which pays 7% compounded continuously. Consider the following formula, where A is the ending account balance after t years, P is the initial amount of money invested, and r is the interest rate.
How much money would he have in his savings account after 5 years?
A = P(2.71)rt
How much money would he have in his savings account after 5 years?
A.
$6,415.23
B.
$9,093.93
C.
$5,361.40
D.
$7,087.76
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