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The Natural Base e

The Natural Base e 1.18 - Solution

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We want to find the amount in a continuously compounded account for the given conditions. To do so, we will start by recalling the formula for continuously compounded interest. In this formula, represents the amount in the account at time represents the initial value of the account or the principal, is the annual interest rate, and is the time in years. Let's substitute the given values into the formula. Note that should be expressed as a decimal, so
The amount after years under the given conditions is approximately