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Math Help - Applications of the Definite Integral

  1. #1
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    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!
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  2. #2
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    most probably a typo.
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  3. #3
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    That's what I thought too. But the back of the book and the answer key both say that. Hmm, thanks!
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