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16 July, 08:40

You invest $3,000 in an account with an interest rate of 5.5% compounded continuously. How much money would be in the account after 5 years? Round your answer to the nearest whole number.

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  1. 16 July, 09:04
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    Use the compound amount formula for continuous compounding:

    A = Pe^ (rt)

    Here,

    A = $3000e^ (0.055^5) = $3950 (rounded up from $3949.59)
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