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QUESTION
Use the formula for continuous compounding to compute the balance in the account after 1, 5 and 20 years. Also, find the APY for the account. A...
Use the formula for continuous compounding to compute the balance in the account after 1, 5 and 20 years. Also, find the APY for the account.
A deposit of $5000 into an account with an APR of 8%.
Balance for year 1=
Balance for year 5=
Balance for year 20=
APY=
