You open a savings account and deposit $2,000. after 1 year of earning continuously compounded interest, your balance is $2,026.17. after 2 years, the balance is $2,052.68. assuming you make no deposits or withdrawals, find the equation for the best-fitting exponential function to represent the balance of the account after x years. how much money will be in the account after 10 years?

rate = 1.3085%

Amount after 10 years with no withdrawals nor deposits : 2,277.66

Explanation:

the formula for compound interest is as follow:

We plug our values and solve for rate:

r  = 2,026.17 /2,000 - 1 = 0.013085 = 1.3085%

in ten years we have:

Amount = 2,277.66

false! basically!

i hope i'm correct.

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