Register
If $3000 is deposited into an account paying a nominal interest rate of 7% per year, how much is in the account 5 years later of interest is compounded continuously
9.7k views
0 votes
If $3000 is deposited into an account paying a nominal interest rate of 7% per year, how much is in the account 5 years later of interest is compounded continuously

User Bzu
by
4.6k points

1 Answer

2 votes

Answer:

$4207.66

Explanation:

FV=PV(1+i)^n

FV=3000(1+0.07)^5

FV=$4207.66

User Cef
by
4.1k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.1m questions

6.7m answers

Other Questions

Pizza planet is running a special 3 pizzas for 16.50. What is the unit rate for one pizza
What number is halfway between 0 and 18
If the 9-inch wheel of cheese costs $18.60, what is the cost per square inch? If the cost is less than a dollar, put a zero to the left of the decimal point?
I need to simplify this expression.
Need answer to math problem!!!​
Link Copied!