Question

In: Advanced Math

Use the formula for continuous compounding to compute the balance in the account after​ 1, 5,...

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 ​$6000 deposit in an account with an APR of 3.83.8​%.

The balance in the account after 1 year is approximately ​$

​(Round to the nearest cent as​ needed.)

The balance in the account after 55 years is approximately ​$

​(Round to the nearest cent as​ needed.)

The balance in the account after 20 years is approximately ​$

​(Round to the nearest cent as​ needed.)

The APY for the account is approximately ​%

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Expert Solution

Colby Messinger answered 1 month ago
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