Applications of the Definite Integral

Sep 2008
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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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skeeter

MHF Helper
Jun 2008
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most probably a typo.
 
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Sep 2008
222
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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!