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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 $6000 deposit in an account with an APR of 3.4%. The balance in the account after 1 year is approximately $ 6207.51. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 7111.83. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 11,843.27. (Round to the nearest cent as needed.) The APY for the account is approximately 3.46 % (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 $6000 deposit in an account with an APR of 3.4%. The balance in the account after 1 year is approximately $ 6207.51. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 7111.83. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 11,843.27. (Round to the nearest cent as needed.) The APY for the account is approximately 3.46 % (Round to two decimal places as needed.)

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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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 $6000 deposit in an account with an APR of 3.4%. The balance in the account after 1 year is approximately $6207.51. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 7111.83. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 11,843.27. (Round to the nearest cent as needed.) The APY for the account is approximately 3.46 % (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 $6000 deposit in an account with an APR of 3.4%. The balance in the account after 1 year is approximately $6207.51. (Round to the nearest cent as needed.) The balance in the account after 5 years is approximately $ 7111.83. (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ 11,843.27. (Round to the nearest cent as needed.) The APY for the account is approximately 3.46 % (Round to two decimal places as needed.)
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