Explanation Given information: Annual deposits of $ 2000 are made into an account paying 2.5% interest per year, compounded continuously. Calculation: The formula for the future value when interest is calculated continuously is given by C ⋅ ( e r t − 1 e r − 1 ) Where C is the amount deposit per period r = rate of interest t = time Therefore future value is 2000 × e ( 5 × 0.025 ) − 1 e 0.025 − 1 = 2000 × 1.133 − 1 1.0253 − 1 = 2000 × 0.133 0

Applied Calculus, 6e WileyPLUS + Loose-leaf

6th Edition

ISBN: 9781119408901

Author: Deborah Hughes-Hallett, Andrew M. Gleason, Patti Frazer Lock, Daniel E. Flath

Publisher: Wiley (WileyPLUS Products)

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Calculate the balance in the account right after and right before the 5^th deposit.

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Calculate the balance in the account right after and right before the 5 th deposit.

Solution Summary: The author calculates the balance in the account after and before the 5th deposit. The formula for the future value when interest is calculated continuously is given by Ccdot left.

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Calculate the balance in the account right after and right before the 5^th deposit.

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Chapter 10 Solutions

Calculate the balance in the account right after and right before the 5 th deposit.

Solution Summary: The author calculates the balance in the account after and before the 5th deposit. The formula for the future value when interest is calculated continuously is given by Ccdot left.

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Calculate the balance in the account right after and right before the 5th deposit.

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Chapter 10 Solutions

Calculate the balance in the account right after and right before the 5^th deposit.