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You invest $1,300 in an account at 2.7% annual interest rate, compounded continuously for 3 years. What interest do you earn?

You invest $1,300 in an account at 2.7% annual interest rate, compounded continuously for 3 years. What interest do you earn?
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2 votes
You invest $1,300 in an account at 2.7% annual interest rate, compounded continuously for 3 years. What interest do you earn?

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User Swisscheese
by
8.2k points

1 Answer

3 votes

Answer:

$1,300(1 + .027/4)¹² = $1,409.30

Interest = $1,409.30 - $1,300 = $109.30

answered
User Axelrod
by
9.2k points
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