algebra 2

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Jennifer invested $2,500 in an account earning 3.5% interest compounded continuosly. How much money will she have in the account after 15 years?

  • algebra 2 -

    continuous growth is given by the equation

    amount = initial e^ (rt) , where r is the annual rate expressed as a decimal

    amount = 2500 e^(15(.035))
    = 4226.15

    ( compare that with the amount had it been 3.5% per annum compounded annually
    amount = 2500(1.035)^15 = 4188.37 )

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