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5 October, 15:39

Suppose you invest $2500 at an annual interest rate of 3% compounded continuously. How much will you have in the account after 7 years? Round the solution to the nearest dollar.

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  1. 5 October, 16:37
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    P = $2500, n = 7, r = 3% = 0.03

    F = P / (1 + r) ^t

    F = $2500 * 1.03^ (7) = $2500 * 1.22987 = $3074.68 = $3075
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