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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 $16,000 deposit in an account with an APR of 4.75%. The balance in the account after 1 year is approximately $ 16,778.34. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 20,289.20. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 41,371.35. (Round to the nearest cent as needed.) The APY for the account is approximately 4.86 % (Round to two decimal places 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 $16,000 deposit in an account with an APR of 4.75%. The balance in the account after 1 year is approximately $ 16,778.34. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 20,289.20. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 41,371.35. (Round to the nearest cent as needed.) The APY for the account is approximately 4.86 % (Round to two decimal places as needed.)

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 23E
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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 $16,000 deposit in an account with an APR of 4.75%. The balance in the account after 1 year is approximately $ 16,778.34. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 20,289.20. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 41,371.35. (Round to the nearest cent as needed.) The APY for the account is approximately 4.86 % (Round to two decimal places as needed.)
Transcribed Image Text: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 $16,000 deposit in an account with an APR of 4.75%. The balance in the account after 1 year is approximately $ 16,778.34. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 20,289.20. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 41,371.35. (Round to the nearest cent as needed.) The APY for the account is approximately 4.86 % (Round to two decimal places as needed.)
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