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15. John deposits $4,700 at 5.03% interest, compounded continuously for five years. What is his ending balance? How much interest did the account earn? Use the compounding continuously formula B = Pe^(rt
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15. John deposits $4,700 at 5.03% interest, compounded continuously for five years. What is his ending balance? How much interest did the account earn? Use the compounding

continuously formula B = Pe^(rt)

User Lianne
by
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1 Answer

5 votes

What is his ending balance?

B =
Pe^(rt) =
4700e^((.0503.5)) = $6043.98

How much interest did the account earn?

$1343.98

User Msg
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