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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.)

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