MAT101-College Mathematics (Exponential & Logarithmic Functi
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Take the current amount you have in your checking or savings account. Suppose you have a choice of keeping your money for five years in a savings account with a 2% interest rate, or in a five year certificate of deposit with and interest rate of 4.5%. Calculate how much interest you would earn with each option over five years time with continuous compounding.
describe which savings instrument you would prefer and why.
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Let the amount in the account be $1000
(1) Savings account:
P = 1000, r = 2% = 0.02, t = 5
A = P * e^(rt)
A = 1000 * e^(0.02 * 5) = 1105.17
Interest earned = A ...
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