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5 August, 23:31

You invest $1,600 in an account that pays an interest rate of 4.75%, compounded continuously. Calculate the balance of your account after 7 years. Round your answer to the nearest hundredth.

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  1. 6 August, 00:07
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    For continuous compounding, the formula for future value is

    F=Pe^it

    =1600*e^ (0.0475*7)

    =1600 (1.394449899)

    =$2231.12 (to the nearest cent)
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