Question
Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the
Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account.
A $17 comma 000
17,000 deposit in an account with an APR of 4.5
4.5%
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Fundamentals of Investing
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
12th edition
978-0133075403, 133075354, 9780133423938, 133075400, 013342393X, 978-0133075359
