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 $7000 deposit in an account with an apr of 3.6% 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.) enter your answer in each of the answer boxes e o type here to search hp

After 1 year: $7,256.59

After 5 years: $8,380.52

After 20 years: $14,381.03

APY = 3.66%

Step-by-step explanation:

If you deposit $7000 with an interest of 3.6%, after 1 year using continuous compounding, you will have

After 5 years you will have

After 20 years

To find the APY for the account, we have to compute the interest earned in one year.

We can do it by cross multiplying or by finding a number x such that

Operating on this equation we obtain

x = 0.0366 or 3.66%

geometry: triangles

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call the larger triangle abc

then the smaller triangle cde is similar to abc (all angles are equal, aaa).  

ab is the side that is 36, and we wish to find de, the side corresponding to ab

area_cde = area_abc - area_cde --> area_abc / area_cde = 2

let x=length of de

ratio of areas = (ratio of sides)^2

+2+=+%2836%2fx%29%5e2+

+2+=+1296%2fx%5e2+

++x%5e2+=+1296%2f2+=+648+

25.45584