(calc exponential growth and decay calculus!) a principal amount of $5000 is deposited into an account paying interest at a rate of 6 percent continuously compounded. what will the account balance be after 3 years

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25-10-2022
Mathematics

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(calc exponential growth and decay calculus!) a principal amount of $5000 is deposited into an account paying interest at a rate of 6 percent continuously compounded. what will the account balance be after 3 years

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BrynnleighO141116 BrynnleighO141116 · Answer 1 · 2022-10-25T21:02:37+02:00

BrynnleighO141116 BrynnleighO141116

25-10-2022

SOLUTION

Given:

The formula is given as:

[tex]\begin{gathered} P(t)=? \\ P_0=\text{ \$5000} \\ t=3years \\ r=\frac{6}{100}=0.06 \end{gathered}[/tex][tex]\begin{gathered} P(t)=5000e^{0.06(3)} \\ P(t)=5986.08681\approx\text{ \$}5986.09 \end{gathered}[/tex]

Final answer:

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