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algebra

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Find the accumulated value of a CD of $20000 for 3 years at an interest of 3.1% if the money is compounded continously.

  • algebra -

    P = Po*e^rt.

    Po = $20,000.

    rt = (3.1%/100%)/yr * 3yrs = 0.093.

    P = 20,000*e^0.093 = $21,949.25.

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