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Use the formula for continuous compounding to compute the balance in the account after 1, 5,...

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Finance

Use the formula for continuous compounding to compute thebalance in the account after 1, 5, and 20 years. Also, find the APYfor the account.

A $9,000 deposit in an account with an APR of 3.8%

1 year =

5 year =

20 year =

APY =

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Transcribed Image Text

Use the formula for continuous compounding to compute thebalance in the account after 1, 5, and 20 years. Also, find the APYfor the account.A $9,000 deposit in an account with an APR of 3.8%1 year =5 year =20 year =APY =

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