anonymous
  • anonymous
You invest $4,900 in an account that pays an interest rate of 5.5%, compounded continuously. Calculate the balance of your account after 6 years. Round your answer to the nearest hundredth.
Mathematics
schrodinger
  • schrodinger
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anonymous
  • anonymous
\[Pe ^{rt}\] P is initial investment R is interest rate T is time What numbers satisfy these variables? Once you figure that out, substitute them into the formula for an answer.
anonymous
  • anonymous
31062.2929 is the answer?
anonymous
  • anonymous
Ask yourself, Does my answer confirm with reality? If you are letting a 4,500$ initial payment slowly gain money, does your answer agree with what you might expect?

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anonymous
  • anonymous
6815 p*e^rt

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