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27 November, 15:34

Suppose you deposit your graduation cash gifts into an account that pays 4% annual interest compounded continuously. If you are 18 when you graduate, get $1000 in cash gifts and leave the money in the account until you are 30, how much money will you have? Round to the nearest dollar.

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  1. 27 November, 18:16
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    You will have $1,616.07 in the bank after 30 years.

    The formula for continuous interest is T = PeRT

    Just plug in and evaluate.

    T = 1000e^ (0.04 x 12) We use 12 because it will be in the bank for 12 years.

    T = 1616.07
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