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March 29, 2017

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What will be the amount in an account with initial principal $6000 if interest is compounded continuously at an annual rate of 3.25% for 9 years?

  • algebra II - ,

    Pt = Po*e^rt.

    r = 3.25% = 0.0325 = APR = Annual % rate expressed as a decimal.

    t = 9 yrs.

    rt = 0.0325 * 9 = 0.2925.

    Pt = $6000*e^0.2925 = $8038.65.

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