SahajD231361 SahajD231361
  • 04-11-2022
  • Mathematics
contestada

Ron deposits $2,000 into an account that receives 3.1% interest compounded continuously. How much money is in the account after 9 years?

Respuesta :

ParneetD536832 ParneetD536832
  • 04-11-2022

In general, the continuous compounding interest formula is

[tex]\begin{gathered} P(t)=Pe^{rt} \\ P\rightarrow\text{ initial amount} \\ t\rightarrow\text{ time} \\ r\rightarrow\text{ interest rate} \end{gathered}[/tex]

Therefore, in our case,

[tex]P(t)=2000e^{0.031t}[/tex]

Set t=9 as shown below

[tex]\Rightarrow P(9)=2000e^{0.279}\approx2643.615...[/tex]

The exact answer is 2000e^(0.279)

Answer Link

Otras preguntas

What is 68 divided by the square root of 4
What is the size and shape of a super volcano?
The following statements about carbon dioxide are true EXCEPT a. It can be prepared by the action of acid on CaCO₃ b. It is used in fire extinguishers c. It d
after clicking the start button on your computer screen desktop what option would you then select to examine system components you might want to modify?
What do Frederick Douglass' words "America reigns without a rival" mean?
how many books did Harriet beecher stowe write?
Which of the following is equivalent to 3a + 4b – (–6a – 3b) ? A. 16ab B. –3a + b C. –3a + 7b D. 9a + b E. 9a + 7b
what type of fractions are the following A) 1/3 A) Improper B) mixed C)wholeB) 5 1/6C) 6/5answer A B C with the three multiple choice answers.
What is the purpose of sensory adaptation
what is the cell cycle??