Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years. a. Find the total amount in the account at the end of 5 years. Give your answer to the nearest hundredth (two decimal places). Total Amount: $ b. Find the total amount of interest accrued over the 5-year period. Give your answer to the nearest hundredth (two decimal places). Interest Accrued: $

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
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Exponential Equations and Compound inter

Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years.
a. Find the total amount in the account at the end of 5 years. Give your
answer to the nearest hundredth (two decimal places).
Total Amount: $
b. Find the total amount of interest accrued over the 5-year period. Give
your answer to the nearest hundredth (two decimal places).
Interest Accrued: $
Transcribed Image Text:Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years. a. Find the total amount in the account at the end of 5 years. Give your answer to the nearest hundredth (two decimal places). Total Amount: $ b. Find the total amount of interest accrued over the 5-year period. Give your answer to the nearest hundredth (two decimal places). Interest Accrued: $
If $5,000 is invested at 3.2% annual interest compounded semiannually, how much will the investment be worth in 10 years?
Drag and drop each value into the correct location in the Compound Interest equation. Note: Not all quantities will be used.
A =
5000
(1 +¹.
3.2
0.032
5
2
10
20
Transcribed Image Text:If $5,000 is invested at 3.2% annual interest compounded semiannually, how much will the investment be worth in 10 years? Drag and drop each value into the correct location in the Compound Interest equation. Note: Not all quantities will be used. A = 5000 (1 +¹. 3.2 0.032 5 2 10 20
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