Math Problem Statement
Amanda invests $5400 in a new savings account which earns 5.8% annual interest, compounded continuously. What will be the value of her investment after 5 years? Round to the nearest cent.
Solution
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Math Problem Analysis
Mathematical Concepts
Exponential Growth
Continuous Compounding
Interest Calculation
Formulas
A = P * e^(rt)
Theorems
Continuous Compound Interest Formula
Suitable Grade Level
Grades 10-12
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