Math Problem Statement
If $1,000 is invested at an interest rate of 4.5% per year, compounded continuously, find the value of the investment after the given number of years. (Round your answers to the nearest cent.) (a) 2 years $ (b) 4 years $ (c) 12 years $
Solution
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Math Problem Analysis
Mathematical Concepts
Exponential Growth
Compound Interest
Continuous Compounding
Formulas
A = P * e^(rt)
Theorems
Exponential Growth Formula
Suitable Grade Level
Grades 10-12
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