Question: 5 Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also, find the APY for

5 Use the formula for continuous compounding to compute the balance

Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 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.)

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