red invests $5,000.00 in a savings account which pays 3% compounded continuously. Consider the following formula. A = P(2.71)r × t, where A is the ending account balance after t years P is the initial amount of money invested r is the interest rate, and t is the time in years How much money would he have in his savings account after 2 years rounded to the nearest cent?
red invests $5,000.00 in a savings account which pays 3% compounded continuously. Consider the following formula. A = P(2.71)r × t, where A is the ending account balance after t years P is the initial amount of money invested r is the interest rate, and t is the time in years How much money would he have in his savings account after 2 years rounded to the nearest cent?
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
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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Fred invests $5,000.00 in a savings account which pays 3% compounded continuously. Consider the following formula.
| A = P(2.71)r × t, where |
| A is the ending account balance after t years |
| P is the initial amount of money invested |
| r is the interest rate, and |
| t is the time in years |
How much money would he have in his savings account after 2 years rounded to the nearest cent?
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