anonymous
  • anonymous
If you put $1,000 in a savings account that pays 5% interest compounded continuously, how much money will you have in your account in 10 years? Assume you make no additional deposits or withdrawals. A. $1,628.89 B. $1,051.27 C. $1,648.72 D. $5,525.85 **my answer: A is that right??
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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jim_thompson5910
  • jim_thompson5910
what makes you say that
anonymous
  • anonymous
well i did this earlier and i kinda forgot now, but idk if i did it right... but idk completely... :( could u pls explain it to me? :)
jim_thompson5910
  • jim_thompson5910
did you use the formula A = Pe^(rt) ?

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anonymous
  • anonymous
i think so... :/ for A=amount?
anonymous
  • anonymous
P=principle r=rate and t=time??? is that it?
jim_thompson5910
  • jim_thompson5910
A = final amount, yes
anonymous
  • anonymous
then yeah i think i used it haha :P but idk if i did it right.. could u pls show me?
jim_thompson5910
  • jim_thompson5910
A = Pe^(rt) A = 1000*e^(0.05*10) A = ???
anonymous
  • anonymous
i forget... what does the e mean?
jim_thompson5910
  • jim_thompson5910
e is the number 2.718..., it's like pi = 3.14159...
anonymous
  • anonymous
ohhh i see.. so i get this? 1648.72 ?? so my answer is C. $1,648.72 ??? and e is basically ln right?
jim_thompson5910
  • jim_thompson5910
yeah the answer is C
jim_thompson5910
  • jim_thompson5910
e and ln are tied together
anonymous
  • anonymous
kk awesome! thanks :)
anonymous
  • anonymous
and tahts what i was thinking :)
anonymous
  • anonymous
and tahts what i was thinking :)

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