Answer:
The amount in the account at the end of three years will be $59,861.
Step-by-step explanation:
The formula to compute the amount at the end of t years, compounded continuously is:
[tex]A=P\times e^{t\times i}[/tex]
Here,
A = Amount at the end
P = Principal amount
i = interest rate
t = number of years.
It is provided that:
P = $50,000
i = 6%
t = 3 years
Compute the amount in the account at the end of three years as follows:
[tex]A=P\times e^{t\times i}[/tex]
[tex]=50000\times e^{(3\times 0.06)}\\=50000\times 1.19722\\=59861[/tex]
Thus, the amount in the account at the end of three years will be $59,861.
