Question: Use the formula for continuous compounding to compute the balance in the account after1, 5, and 20 years.Also, find the APY for the account. Upper

Use the formula for continuous compounding to compute the balance in the account after1, 5, and 20 years.Also, find the APY for the account.

Upper A

A $7000

7000 deposit in an account with an APR of 5%

The balance in the account after 1year is approximately? $________

the balance in the account after 5 years is approximately? $___________

the balance in the account after 20 years is approximately? $_____________

.

(Round to the nearest cent asneeded.)

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