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11 June, 23:18

You invest $1500 in a bank account that has a 3% annual interest rate, compounded continuously. How much will you have in 15 years?

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  1. 12 June, 00:55
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    We use the formula:

    Total = Principal * e ^ (rate * years)

    Total = 1,500 * e ^ (.03 * 15)

    Total = 1,500 * e ^.45

    Total = 1,500 * 1.5683121854

    Total = 2,352.47
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