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04-01-2024
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Use the formula for continuous compounding to compute the balance in the account after 1,5, ar 20 years. Also, find the APY for the account. A $12,000 deposit in an account with an APR of 2.5%. The balance in the account after 1 year is approximately $ (Round to the nearest cent as needed.) 1. The balance in the account after 5 years is approximately $ (Round to the nearest cent as needed.) The balance in the account after 20 years is approximately $ (Round to the nearest cent as needed.) The APY for the account is approximately (Round to two decimal places as needed.) %

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