Answered

Join IDNLearn.com to access a wealth of knowledge and get your questions answered by experts. Our community provides accurate and timely answers to help you understand and solve any issue.

You deposit [tex]$6000 in an account earning 2% interest compounded continuously. How much will you have in the account in 5 years?

$[/tex]
Enter an integer or decimal number.

Sagot :

GinnyAnsweridn

Final answer:

To find the amount in the account after 5 years with continuous compounding at 2% interest rate on [tex]$6000, use the formula A = P e^(rt) where A is the final amount, P is the principal amount, e is the base of the natural logarithm, r is the interest rate, and t is the time.


Explanation:

To calculate the amount in the account after 5 years with continuous compounding, you can use the formula A = P e^(rt), where A is the final amount, P is the principal amount, e is the base of the natural logarithm (approximately 2.71828), r is the interest rate, and t is the time in years.

Plugging in the values: P = $[/tex]6000, r = 2% = 0.02, and t = 5 years, we get A = [tex]$6000 e^(0.025).

Calculating this gives A ≈ $[/tex]6631.81. Therefore, you will have approximately $6631.81 in the account after 5 years.


Learn more about Compound Interest here:

https://brainly.com/question/14295570


We value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Your search for solutions ends here at IDNLearn.com. Thank you for visiting, and come back soon for more helpful information.