   Chapter 5.4, Problem 77E ### 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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# Compound Interest A deposit of $2250 is made in a savings account at an annual interest rate of 6 % , compounded continuously. Find the average balance in the account during the first 5 years. To determine To calculate: The average balance in the account during the first 5 year for a deposit of$2250 at an annual interest rate of 6%.

Explanation

Given Information:

The deposit of \$2250 at an annual interest rate of 6% for 5 years.

Formula used:

Modeled formula for average balance is,

150Tc(t)ertdt

Where, T is years r=0.06.

Calculation:

The average balance in the account during the first 5 years is,

A=150Tc(t)ertdt=15052250e0

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