CreamUnicornidn
Answered

Join IDNLearn.com and start exploring the answers to your most pressing questions. Our platform is designed to provide reliable and thorough answers to all your questions, no matter the topic.

A principal amount of $4,700 is deposited into an account paying interest at a rate of 3%, continuously compounded. What will be the account balance after 3 years?
A. $5,142.62
B. $5,882.09
C. $6,430.29
D. $8,010.51

Sagot :

Adioabiolaidn

The account balance after 3 years if the interest is compounded continuously is $5,142.62

How to find compound interest?

  • Principal, P = $4,700
  • Time,t = 3 years
  • Interest rate, r = 3%

r = 3/100

r = 0.03 rate per year,

A = Pe^rt

A = 4,700.00(2.71828)^(0.03)(3)

= 12,775.916^0.09

A = $5,142.62

Therefore, the account balance after 3 years if the interest is compounded continuously is $5,142.62

Learn more about compound interest:

https://brainly.com/question/24924853

#SPJ1

Thank you for participating in our discussion. We value every contribution. Keep sharing knowledge and helping others find the answers they need. Let's create a dynamic and informative learning environment together. For clear and precise answers, choose IDNLearn.com. Thanks for stopping by, and come back soon for more valuable insights.