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You deposit 6000 in an account earning 5% interest compounded continuously. How much will you have in the account in 5 years? Use this formula and round to the nearest cent.

Solution

Solution

Amount : 7704.15

Solution steps

Translate the problem into an equation:

A = 6000 e^{0.05 \cdot 5}

6000 e^{0.05 \cdot 5} = 7704.15250 \dots

Round to the nearest hundredth:

7704.15

Amount : 7704.15

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