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. A

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.

A $2000 deposit in an account with an APR of 4%.

The balance in the account after 1 year is approximately $

.

(Round to the nearest cent asneeded.)

The balance in the account after 5 years is approximately $

.

(Round to the nearest cent asneeded.)

The balance in the account after 20 years is approximately $

.

(Round to the nearest cent asneeded.)

The APY for the account is approximately

%

(Round to two decimal places asneeded.)

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