If $20,000 is invested in a savings account offering 3.5% per year, compounded continuously, how fast is the balance growing after 4 years? (Round your answer to the nearest cent.) $ per yr

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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If $20,000 is invested in a savings account offering 3.5% per year, compounded continuously, how fast is the balance growing after 4 years? (Round your answer to the nearest cent.)
$
per yr
Transcribed Image Text:If $20,000 is invested in a savings account offering 3.5% per year, compounded continuously, how fast is the balance growing after 4 years? (Round your answer to the nearest cent.) $ per yr
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