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    Computing the balance in the account

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    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 19,000 deposit in an account with an APR of 2.5%.

    The balance in the account after 1 year is approximately $
    (Round to the nearest cent as needed.)

    The balance in the account after 5 years is approximately $
    (Round to the nearest cent as needed.)

    The balance in the account after 20 years is approximately $
    (Round to the nearest cent as needed.)

    The APY for the account is approximately
    (Round to two decimal places as needed.)

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    https://brainmass.com/math/algebra/computing-balance-account-480834

    Solution Preview

    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 19,000 deposit in an account with an APR of 2.5%.

    The ...

    Solution Summary

    The solution assesses compounding continuously.

    $2.19