Use the formula for continuous compounding to compute the balance in the account after 1,...
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Accounting
Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years.
Also, find the APY for the account. A $15,000 deposit in an account with an APR of 2.5%.
The balance in the account after 1 year is approximately $__ (Round to the nearest cent as needed.)
The balance in the account after 5 years is approximately $___. (Round to the nearest cent as needed.)
The balance in the account after 20 years is approximately $___. (Round to the nearest cent as needed.)
The APY for the account is approximately ___% (Round to two decimal places as needed.)
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