Use the formula for continuous compounding o compute the balance in the account after 1, 5, and 20 years. Also,find the APY for the account.A $16,000 deposit in an account with an APR of 2.5%.CThe balance in the account after 1 year is approximately $.(Round to the nearest cent as needed.)

Given that The deposit amount P=$ 16000Interest rate r=2.5%=2.5100=0.025 Time t=1 year…

Answered: Use the formula for continuous…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $16,000 deposit in an account with an APR of 2.5%. The balance in the account after 1 year is approximately $. (Round to the nearest cent as needed.)