anonymous
  • anonymous
Suppose you invest $1050 at an annual rate of 5.5% compound continuously. How much will you have in the account after 5 years? round the solution to the nearest dollar
Mathematics
chestercat
  • chestercat
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anonymous
  • anonymous
Hello
anonymous
  • anonymous
hey anyone know the answer?
anonymous
  • anonymous
A=P(1+r/n)^tn P = principal amount (the initial amount you borrow or deposit - $1050) r = annual rate of interest (in decimal - .055) t = number of years the amount is deposited or borrowed for. n = number of times the interest is compounded per year

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anonymous
  • anonymous
Does that help?
anonymous
  • anonymous
so 1050 (1.055) 5 ?
anonymous
  • anonymous
and from that i got 1373
anonymous
  • anonymous
P=I/RT
anonymous
  • anonymous
You Got it :)
anonymous
  • anonymous
1373? right
anonymous
  • anonymous
Yes, Sir
anonymous
  • anonymous
lol it was wrong

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