   Chapter 4.4, Problem 10SWU ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

#### Solutions

Chapter
Section ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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# In Exercises 9 and 10, find the balance in the account after 10 years.P = $2500, r = 3%, compounded continuously To determine To calculate: The balance in the account after 10 years if the amount deposited is$2500 and the rate of interest is 3% which is compounded continuously.

Explanation

Given Information:

The amount deposited is $2500 and the rate of interest is 3%. Formula used: The formula to compute the balance amount after t years when interest is compounded continuously is, A=Pert Where, P is the deposited amount, A is the amount after t years, r is the interest rate in decimals and t is the number of years. Calculation: Consider the given data. Here, P=$2500, r=3% and t=10 years.

Simplify the rate as,

r=3%=3100=0.03

Substitute 0

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