Suppose you invest $17,455.00 into an account earning an interest rate of 2.034\% compounded continuously for 3 year(s) and thereafter earning an interest rate of 3.981\% compounded monthly. How much money is in the account after 9 years?
Added by Jasmin M.
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The formula for continuous compounding is A = P * e^(rt), where: A = the amount of money accumulated after n years, including interest. P = the principal amount (initial amount of money). r = annual interest rate (in decimal). t = time the money is invested for in Show more…
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