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$1500 is deposited into an account that is compounded continuously at a rate of 5%. Approximately how much money will be in the account in 12 years? Round to the nearest cent.

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asked Dec 28, 2019 32.7k views

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$1500 is deposited into an account that is compounded continuously at a rate of 5%. Approximately how much money will be in the account in 12 years? Round to the nearest cent.

Mathematics
college

Knitschi asked

by Knitschi

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use the Pe^rt formula
1500e^(.05)(12)
1500e^.6
=2733.178201
~$ 2733.18

$1500 is deposited into an account that is compounded continuously at a rate of 5%. Approximately-example-1

Nikita Tonkoskur answered Jan 2, 2020

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