anonymous
  • anonymous
You invest $700 in an account that pays an interest rate of 6.5%, compounded continuously. calculate the balance of your account after 20 years. round your answer to the nearest hundredth.
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
i got 26817.560
anonymous
  • anonymous
did you use PERT?
anonymous
  • anonymous
whats that?

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anonymous
  • anonymous
A=Pe^rt A= 700 e^(.065)(20years) = the answer
anonymous
  • anonymous
instead of .065 i did .65
anonymous
  • anonymous
is the answer 14940.226?
anonymous
  • anonymous
I dont have a calculator but you must use .065
anonymous
  • anonymous
it said that it was wrong & i did what you said & got 14940.226

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