Answered

Discover a world of knowledge at Westonci.ca, where experts and enthusiasts come together to answer your questions. Get detailed answers to your questions from a community of experts dedicated to providing accurate information. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

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 :

GinnyAnswer

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


Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.