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 $7000 deposit in an account with an APR of 5%.

1 year is approximately $

7358.90

(Round to the nearest cent asneeded.)

5 years is approximately $____

(Round to the nearest cent asneeded.)

20 years is approximately $_________

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