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Recently, a certain bank offered a 5-year CD that earns 3% compounded continuously. Use the given information to answer the questions. (a) If $20,000 is invested in this CD, how much will it be worth in 5 years? approximately $ (Round to the nearest cent.)

Recently, a certain bank offered a 5-year CD that earns 3% compounded continuously. Use the given information to answer the questions. (a) If $20,000 is invested in this CD, how much will it be worth in 5 years? approximately $ (Round to the nearest cent.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Recently, a certain bank offered a 5-year CD that earns 3% compounded continuously. Use the given information to answer the questions. (a) If $20,000 is invested in this CD, how much will it be worth in 5 years? approximately $ (Round to the nearest cent.)
Transcribed Image Text:Recently, a certain bank offered a 5-year CD that earns 3% compounded continuously. Use the given information to answer the questions. (a) If $20,000 is invested in this CD, how much will it be worth in 5 years? approximately $ (Round to the nearest cent.)
(b) How long will it take for the account to be worth $75,000? approximately years (Round to two decimal places as needed.)
Transcribed Image Text:(b) How long will it take for the account to be worth $75,000? approximately years (Round to two decimal places as needed.)
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