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Suppose that on January 1, 2017, you buy a bond for $1,000 that will pay interest of 5% per year compounded continuously for 30 years.

Suppose that on January 1, 2017, you buy a bond for $1,000 that will pay interest of 5% per year compounded continuously for 30 years. You never withdraw any of the interest earned on the bond.

(a) What will the bond be worth on January 1, 2047? 4

When will the bond be worth $3,000?

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