Question: content area top Part 1 Use the formula for continuous compounding to compute the balance in the account after 1, 5, and 20 years. Also,

content area top Part 1 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 $7000 deposit in an account with an APR of 3.1%. Question content area bottom Part 1 The balance in the account after 1 year is approximately $ 7220.40. (Round to the nearest cent as needed.) Part 2 The balance in the account after 5 years is approximately $ 8173.61. (Round to the nearest cent as needed.) Part 3 The balance in the account after 20 years is approximately $ enter your response here. (Round to the nearest cent as needed.)

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