Answer
${{\$}} 3485.50$
Work Step by Step
The amount A
after investing P dollars at rate r annual interest,
compounded continuously for a period of t years is
$A=Pe^{rt}$
Given
$P=3000,\ r=0.03,\ t=5$
$A=3000e^{0.15}\approx{{\$}} 3485.50$
Finite Math and Applied Calculus (6th Edition)
by Waner, Stefan; Costenoble, Steven
Published by
Brooks Cole
ISBN 10:
1133607705
ISBN 13:
978-1-13360-770-0
Chapter 9 - Review - Review Exercises - Page 672: 13
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