anonymous
  • anonymous
Determine how much money will be in a savings account if the initial deposit was $750 and the interest rate is 4% compounded continuously for 15 years, 6 months.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
Do you know which formula to apply?
anonymous
  • anonymous
\[A = Pe ^{r ^{t}}\]
anonymous
  • anonymous
Great :) So what is P?

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anonymous
  • anonymous
750?
anonymous
  • anonymous
Yep :) r? t?
anonymous
  • anonymous
r = .04 and for t I just multiplied 15(12) and added 6 to get 186
anonymous
  • anonymous
You're pretty good :) Why don't you try to plug them into your calculator !
anonymous
  • anonymous
Hold on, I believe go by year make more sense!
anonymous
  • anonymous
6 month = .5 yr => t = 15.5
anonymous
  • anonymous
Well that's where I go wrong somehow and I don't know where. I got $12,099.43. I put that in as the answer on my hw and it says i'm wrong.
anonymous
  • anonymous
= 1,394
anonymous
  • anonymous
I have to round to the nearest cent. But even when I refer to the example in the book and plug it into my calculator, I don't get the same answer. Is there a certain mode the calculator has to be in maybe? I understand how to do the problem, but I'm not coming up with the correct answer on the calculator.
anonymous
  • anonymous
1, 394.196 = 1,394.20
anonymous
  • anonymous
Round off to cent = check the 3rd digit after decimal point: If it's ≥ 5, then increase the "cent" digit up!
anonymous
  • anonymous
Did you see how I round up the above result?
anonymous
  • anonymous
For some reason I'm not even getting the thousandths place correct. I get 12099. Here's what I plugged into my calculator exactly: 750e^(.04)(15.5)
anonymous
  • anonymous
If so, be cautious by plugging step by step: .04 * 15.5 = e^ (.62) = 750 * .. =
anonymous
  • anonymous
I got it now . I was trying to do it as one whole step
anonymous
  • anonymous
If you do the whole step, it'll need more parentheses! Howerver, I'm not guarantee you know where to add them, so just be safe!
anonymous
  • anonymous
Okay, thank you very much. I feel better doing it step by step
anonymous
  • anonymous
I'm glad that you feel better :)

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