What will be the balance of the account in 18 years if the interest is compounded continuously?
Algebra
Jason invests $8,264 in an account that earns an annual interest rate of 4%. ?
2020-11-18 2:39 am
回答 (1)
2020-11-18 2:49 am
Continuously compounded interest uses the equation:
A(t) = Pe^(rt)
You have $8264 to invest (P) in an account at 4% interest (r = 0.04) for 18 years (t).
Solve for the unknown:
A(18) = 8264e^(0.04 * 18)
A(18) = 8264e^(0.72)
Starting the next step I'll round to 6 or 7 DP but won't in my calculator to reduce errors due to rounding:
A(18) = 8264(2.054433)
A(18) = $16,977.84 (rounded to nearest penny)
A(t) = Pe^(rt)
You have $8264 to invest (P) in an account at 4% interest (r = 0.04) for 18 years (t).
Solve for the unknown:
A(18) = 8264e^(0.04 * 18)
A(18) = 8264e^(0.72)
Starting the next step I'll round to 6 or 7 DP but won't in my calculator to reduce errors due to rounding:
A(18) = 8264(2.054433)
A(18) = $16,977.84 (rounded to nearest penny)
收錄日期: 2021-05-01 22:11:46
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