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10 February, 15:04

You invest $3,000 in an account that has an annual interest rate of 2.5%, compounded continuously. How much money will be in the account after 5 years? Round your answer to the nearest whole number. Show all work.

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  1. 10 February, 15:17
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    Here' s the equation for one year:

    0.025 (3000) + 3000

    Because it is 5 years:

    5 (0.025 (3000)) + 3000

    0.075 (3000) + 3000

    We can make it simpler:

    1.075 (3000)

    Multiply:

    3225

    You will have $3225
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