anonymous
  • anonymous
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.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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radar
  • radar
Use the continuious compounding interest formula.\[A=Pe ^{rt}\] where A=amount in the account P=Principal r=interest rate t=years
radar
  • radar
\[A=4400e ^{.0725*15}\] e is the base of the natural logs and is approx2.71828
radar
  • radar
\[A=4400e ^{1.0875}\]

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radar
  • radar
A=$13,054.12
radar
  • radar
Did you get the same thing?
anonymous
  • anonymous
yes
anonymous
  • anonymous
now how would i do 7 = log x
radar
  • radar
Great, didn't know if I used the calculator correctly.
radar
  • radar
I assume we are using common logs. which uses base of 10. Then x =10^7 or 10,000,000
radar
  • radar
Good luck, gotta run

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