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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 a A $2000 deposit in an account with an APR of 4.4% The balance in the account after 1 year is approximately $ 2089 .96 (Round to the nearest cent as needed) The balance in the account after 5 years is approximately $ (Round to the nearest cent as needed)

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 a A $2000 deposit in an account with an APR of 4.4% The balance in the account after 1 year is approximately $ 2089 .96 (Round to the nearest cent as needed) The balance in the account after 5 years is approximately $ (Round to the nearest cent as needed)

Advanced Engineering Mathematics
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 $2000 deposit in an account with an APR of 4.4%. The balance in the account after 1 year is approximately $ 2089.96 (Round to the nearest cent as needed) The balance in the account after 5 years is approximately $ (Round to the nearest cent as needed)
Transcribed Image Text: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 $2000 deposit in an account with an APR of 4.4%. The balance in the account after 1 year is approximately $ 2089.96 (Round to the nearest cent as needed) The balance in the account after 5 years is approximately $ (Round to the nearest cent as needed)
How much must be deposited today into the following account in order to have $30,000 in 7 years for a down payment on a house? Assume no additional deposits are made An account with annual compounding and an APR of 4% should be deposited today (Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text:How much must be deposited today into the following account in order to have $30,000 in 7 years for a down payment on a house? Assume no additional deposits are made An account with annual compounding and an APR of 4% should be deposited today (Do not round until the final answer. Then round to the nearest cent as needed.)
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