Answered: Jaidee invests $1,966 in a savings…

Jaidee invests $1,966 in a savings account with a fixed annual interest rate of 2.45% compounded continuously. What will the account balance be after 8 years?

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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Question

Jaidee invests $1,966 in a savings account with a fixed annual interest rate of 2.45% compounded continuously. What will the account balance be after 8 years?

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