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Sagot :
Considering continuous compounding, it is found that the balance of her account after 5 years is of $1,185.3.
What is the equation for continuous compounding?
It is given by:
[tex]A(t) = Pe^{kt}[/tex]
In which:
- P is the principal.
- k is the interest rate.
- t is the time, in years.
In this problem, the parameters are given as follows: P = 1000, r = 0.034, t = 5, hence:
[tex]A(5) = 1000e^{0.034(5)} = 1185.3[/tex]
The balance of her account after 5 years is of $1,185.3.
More can be learned about continuous compounding at https://brainly.com/question/15965736
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