Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pls help 5. [0/0.76 Points] DETAILS PREVIOUS ANSWERS 2/6 Submissions Used MY NOTES A corporation has a continuous compounded bank account with 2.5% annual interest.

image text in transcribed

Pls help

image text in transcribed
5. [0/0.76 Points] DETAILS PREVIOUS ANSWERS 2/6 Submissions Used MY NOTES A corporation has a continuous compounded bank account with 2.5% annual interest. The board of directors has placed $84,136 in the account when it is opened. At what rate (in dollars per year) is the account growing after 6 years? Round your answer to the nearest cent. (Hint: The formula for continuous compound interest is A=Pe" where t is the time (in years), r is the interest rate (as a decimal), P is the initial amount invested (in dollars), and A is the amount in the account (in dollars) after t years. 275042045 X dollars per year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Non-Accounting Students

Authors: John R. Dyson

8th Edition

273722972, 978-0273722977

Students also viewed these Mathematics questions

Question

=+2. What would happen if our organization went away?

Answered: 1 week ago

Question

What would happen to a business without a marketing strategy? Why?

Answered: 1 week ago