An investment banker deposited $50,000 in an account earning a nominal 6% per year compounded continuously. How much was in the account at the end of three years

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:

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:

Thus, the amount in the account at the end of three years will be $59,861.

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step-by-step explanation: