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FlybynightSavings.com is offering a savings account that pays 33% compounded continuously. How much interest would a deposit of $3,000 earn over 10 years? (Round your answer to the nearest cent.)

Respuesta :

mathmate
The exact calculations:
Principal, P=3000
interest rate = 33% per year
Period, t=10 years

Future value
[tex]F=Pe^(it)[/tex]
[tex]=3000e^(0.33*10)[/tex]
[tex]=81337.92[/tex]

Interest 
= future value - principal
= 81337.92-3000
= 78337.92  (to the nearest cent)


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