Question: 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

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 $3000 deposit in an account with an APR of 4.1%.

The balance in the account after 1 year is approximately $__.

(Round to the nearest cent as needed.)

The balance in the account after 5 years is approximately $__.

(Round to the nearest cent as needed.)

The balance in the account after 20 years is approximately $____.

(Round to the nearest cent as needed.)

The APY for the account is approximately ___%

(Round to two decimal places as needed.)

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