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02-05-2018
Mathematics

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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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mathmate mathmate

02-05-2018

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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