Question
Use the formula for continuous compounding to compute the balance in the account after1, 5, and 20 years.Also, find the APY for the account. A
Use the formula for continuous compounding to compute the balance in the account after1, 5, and 20 years.Also, find the APY for the account.
A $2000 deposit in an account with an APR of 4%.
The balance in the account after 1 year is approximately $
.
(Round to the nearest cent asneeded.)
The balance in the account after 5 years is approximately $
.
(Round to the nearest cent asneeded.)
The balance in the account after 20 years is approximately $
.
(Round to the nearest cent asneeded.)
The APY for the account is approximately
%
(Round to two decimal places asneeded.)
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Probability and Random Processes With Applications to Signal Processing and Communications
Authors: Scott Miller, Donald Childers
2nd edition
123869811, 978-0121726515, 121726517, 978-0130200716, 978-0123869814
