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    Mathematics - Algebra

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    Initial deposit was 2,000 for 5 years at a rate of 8 percent. If a bank compounds continuously, then the formula used is A= Pe rt where e is a constant and equals approximately 2.7183. Calculate A with continuous compounding. Round the answer to the hundredths place.

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    Solution Summary

    The expert examines compounding interest into algebra. A complete, Neat and Step-by-step Solution is provided.