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an investment account is opened with an initial deposit of 14,500 earning 5.75% interest, compounded continuously. How much will the account be worth after 25 years?

Solution

an investment account is opened with an initial deposit of 14, 500 earning 5.75% interest, compounded continuously. How much will the account be worth after 25 years?

Solution

Amount : 61047.28

Solution steps

Translate the problem into an equation:

A = 14500 e^{0.0575 \cdot 25}

14500 e^{0.0575 \cdot 25} = 61047.28021 \dots

Round to the nearest hundredth:

61047.28

Amount : 61047.28

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