If interest in a bank account is compounded continuously, the amount grows at a rate that is proportional to the amount present in the account. Interest that is compo amount in an account after one year if $1000 is placed in the account and it pays 5% interest per year, compounded continuously. After 1 year the account balance will be approximately $. (Round to the nearest cent as needed.)

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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If interest in a bank account is compounded continuously, the amount grows at a rate that is proportional to the amount present in the account. Interest that is compounded daily very closely approximates this situation. Determine the
amount in an account after one year if $1000 is placed in the account and it pays 5% interest per year, compounded continuously.
After 1 year the account balance will be approximately $.
(Round to the nearest cent as needed.)
Transcribed Image Text:If interest in a bank account is compounded continuously, the amount grows at a rate that is proportional to the amount present in the account. Interest that is compounded daily very closely approximates this situation. Determine the amount in an account after one year if $1000 is placed in the account and it pays 5% interest per year, compounded continuously. After 1 year the account balance will be approximately $. (Round to the nearest cent as needed.)
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