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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 4.75%. The balance in the account after 1 year is approximately $ 16,778.34. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 20,289.20. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 41,371.35. (Round to the nearest cent as needed.) The APY for the account is approximately 4.86 % (Round to two decimal places 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 account. A $16,000 deposit in an account with an APR of 4.75%. The balance in the account after 1 year is approximately $ 16,778.34. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 20,289.20. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 41,371.35. (Round to the nearest cent as needed.) The APY for the account is approximately 4.86 % (Round to two decimal places 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 $16,000 deposit in an account with an APR of 4.75%. The balance in the account after 1 year is approximately $ 16,778.34. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 20,289.20. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 41,371.35. (Round to the nearest cent as needed.) The APY for the account is approximately 4.86 % (Round to two decimal places 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 $16,000 deposit in an account with an APR of 4.75%. The balance in the account after 1 year is approximately $ 16,778.34. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 20,289.20. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 41,371.35. (Round to the nearest cent as needed.) The APY for the account is approximately 4.86 % (Round to two decimal places as needed.)
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