If you invest $20,000 at 7% interest compounded continuously, what is the average amount in your account over 1 year? Please round your answer to the nearest cent. O a. $21,400.00 O b. $20,716.62 O. $5,350.00 O d. $20,700.00 O e. $10,700.00

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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If you invest $20,000 at 7% interest compounded continuously, what is the
average amount in your account over 1 year?
Please round your answer to the nearest cent.
O a. $21,400.00
O b. $20,716.62
O c. $5,350.00
O d. $20,700.00
e. $10,700.00
Transcribed Image Text:If you invest $20,000 at 7% interest compounded continuously, what is the average amount in your account over 1 year? Please round your answer to the nearest cent. O a. $21,400.00 O b. $20,716.62 O c. $5,350.00 O d. $20,700.00 e. $10,700.00
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