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: $
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
Problem 27PS
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