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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.

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  1. radar
    • 5 years ago
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    Use the continuious compounding interest formula.\[A=Pe ^{rt}\] where A=amount in the account P=Principal r=interest rate t=years

  2. radar
    • 5 years ago
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    \[A=4400e ^{.0725*15}\] e is the base of the natural logs and is approx2.71828

  3. radar
    • 5 years ago
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    \[A=4400e ^{1.0875}\]

  4. radar
    • 5 years ago
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    A=$13,054.12

  5. radar
    • 5 years ago
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    Did you get the same thing?

  6. anonymous
    • 5 years ago
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    yes

  7. anonymous
    • 5 years ago
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    now how would i do 7 = log x

  8. radar
    • 5 years ago
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    Great, didn't know if I used the calculator correctly.

  9. radar
    • 5 years ago
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    I assume we are using common logs. which uses base of 10. Then x =10^7 or 10,000,000

  10. radar
    • 5 years ago
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    Good luck, gotta run

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