Suppose that money is deposited daily into a savings account at an annual rate of $1100. If the account pays 4% interest compounded continuously, estimate the balance in the account at the end of 4 years.

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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Suppose that money is deposited daily into a savings account at an annual rate of $1100. If the account pays 4% interest compounded
continuously, estimate the balance in the account at the end of 4 years.
The approximate balance in the account is $.
(Round to the nearest dollar as needed.)
Transcribed Image Text:Suppose that money is deposited daily into a savings account at an annual rate of $1100. If the account pays 4% interest compounded continuously, estimate the balance in the account at the end of 4 years. The approximate balance in the account is $. (Round to the nearest dollar as needed.)
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