1 Attachment(s)

Applications of the Definite Integral

The problem is about future value so it'll need to use the formula I attached. Where N is years, K is dollars, R is interest rate.

Problem: Suppose that money is deposited daily into a savings account at an annual rate of $1000. If the account pays 5% interest compounded continuously, estimate the balance in the account at the end of 3 years.

If you see the attachment, I don't get why it's 0.05(**5**-t). Isn't N=3?

I apologize for the messy handwriting.

Thank you!