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If interest in a bank account is compounded continuously, the amount grows at a rate that is proportional to the amount present in the account.

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If interest in a bank account is compounded continuously, the amount grows at a rate that is proportional to the amount present in the account. Interest that is compounded daily very closely approximates this situation. Determine the amount in an account after one year if $1000 is placed in the account and it pays 4% interest per year, compounded continuously. After 1 year the account balance will be approximately $ (Round to the nearest cent as needed.)

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