4 years ago, Dillon won some money in the lottery and put it in a bank account that earns 2% interest compounded continuously. If Dillon currently has $5,000.00 in the bank account, how much interest has he earned? Round your answer to the nearest cent. Submit

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A: Solution:

Q: You deposit $3000 each year into an account earning 3.1% interest. How much will you have in the…

A: Given Information Principal P = $3000 Interest rate R = 3.1%

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Q: How much would you need to deposit in an account now in order to have $6000 in the account in 10…

A: See the attachment

Q: You deposit $3000 in an account earning 8% interest compounded quarterly. How much will you have in…

A: P=Principle=$3000t=time=15 yearsr=interest rate=8%=0.08A=final amount=?n=number of times compounded…

Q: Dylan takes out a bank loan of $11,500 at 3.8% interest compounded annually. How much interest, in…

A: Given data is : Loan P=$11500 Interest rate r=3.8%, compounded annually. Time t=3 years To find the…

Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: ​Annie's cafe borrows $9,400 at 5​% for 240 days. Find the total amount that must be repaid after…

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Q: Judah is going to deposit $5000.00 in and account that earns 4% interest for 20 years. How much more…

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Q: If there is 24% increase on a $39 item, then how much is the new cost for next year? Round to the…

A: The objective of this question is to find out the new cost of an item after a 24% increase on its…

Q: An investor deposits 3,500 into an account paying 8% compunded semiannually. Two years later she…

A: Here we find compound money upto 7 year.

Q: A student wishes to invest $500 in a savings account yielding 3% annual interest compounded every 6…

A: Compound interest formula needs to be applied.

Q: If you decide to deposit $96 per month into an account earning 4.8% annual interest compounded…

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Q: Taylor starts an IRA (Individual Retirement Account) at the age of 26 to save for retirement. She…

A: The future value of the investment in the IRA is given by the formula:Here,P is the periodic deposit…

Q: Three years ago, Jolene bought $625 worth of stock in a software company. Since 1 then the value of…

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Q: A savings account that has 850$ deposited on march 1st earns 0.4% annual interest compounded daily.…

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