Today you put $1000 in the bank. Your bank pays 5% interest, continuously compounded. In 3 years, how much money will you have in the bank (rounded to the nearest dollar)?
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Answer:
$1001.4
Explanation:
A=P((1+i/n)^nt)-1
=1000((1+0.05/3))^3*0.05-1
=$1001.4
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