Question

joe deposits $1500 in an account that pays 3% annual interest compounded conitiniously how much will joe have in his account after 5 years

Answer 1

Answer:A = 1500e^(0.03 * 5) = 1500e^(0.15)

use definition of logarithm

0.15 = ln(A / 1500)

0.15 = ln(A) - ln(1500)

ln(A) = 0.15 + ln(1500) = 0.15 + 7.313220387 = 7.463220387

Step-by-step explanation:

Answer 2

The amount of money Joe would have in his account after 5 years is $1742.75.

Given the following data:

• Principal, P = $1500

• Interest rate, R = 3%

• Time, T = 5 years

To determine the amount of money Joe would have in his account after 5 years.

Mathematically, an interest that is compounded continuously given by the formula:

$A = Pe^{rt}$

Where:

• A is the future value

• P is the principal.

• r is the interest rate.

• t is the time in years.

Substituting the given parameters into the formula, we have;

$A = 1500 \times e^{0.03 \times 5}\\\\A = 8000 \times e^{0.15}\\\\A = 1500 \times 1.1618$

A = $1742.75

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