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anonymous
 5 years ago
You invest $4,400 in an account that pays an interest rate of 7.25%, compounded continuously.
Calculate the balance of your account after 15 years. Round your answer to the nearest hundredth.
anonymous
 5 years ago
You invest $4,400 in an account that pays an interest rate of 7.25%, compounded continuously. Calculate the balance of your account after 15 years. Round your answer to the nearest hundredth.

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radar
 5 years ago
Best ResponseYou've already chosen the best response.0Use the continuious compounding interest formula.\[A=Pe ^{rt}\] where A=amount in the account P=Principal r=interest rate t=years

radar
 5 years ago
Best ResponseYou've already chosen the best response.0\[A=4400e ^{.0725*15}\] e is the base of the natural logs and is approx2.71828

radar
 5 years ago
Best ResponseYou've already chosen the best response.0Did you get the same thing?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0now how would i do 7 = log x

radar
 5 years ago
Best ResponseYou've already chosen the best response.0Great, didn't know if I used the calculator correctly.

radar
 5 years ago
Best ResponseYou've already chosen the best response.0I assume we are using common logs. which uses base of 10. Then x =10^7 or 10,000,000
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