Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $12,000 deposit in an account with an APR of 3.5%. The balance in the account after 1 year is approximately $ (Round to the nearest cent as needed.)
Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $12,000 deposit in an account with an APR of 3.5%. The balance in the account after 1 year is approximately $ (Round to the nearest cent as needed.)
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 49E
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