Use the formula for continuous compounding to compute the balance in the account 1, 5, and 20 years. Also, find APY for the account. A 10,000 deposit in an account with an APR of 3.5%.

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Olinda asked May 14, 2023

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Use the formula for continuous compounding to compute the balance in the account 1, 5, and 20 years. Also, find APY for the account. A 10,000 deposit in an account with an APR of 3.5%.

Use the formula for continuous compounding to compute the balance in the account 1, 5, and-example-1

Mathematics
high-school

Olinda asked May 14, 2023

by Olinda

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We are given the following information:

Deposit = $10,000

APR = 3.5% = 0.035

The balance in the account is given as shown below:

Ghazanfar Mir answered May 19, 2023

by Ghazanfar Mir

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