A community for students.
Here's the question you clicked on:
 0 viewing
iheartfood
 2 years ago
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??
iheartfood
 2 years ago
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??

This Question is Closed

jim_thompson5910
 2 years ago
Best ResponseYou've already chosen the best response.1what makes you say that

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0well 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
 2 years ago
Best ResponseYou've already chosen the best response.1did you use the formula A = Pe^(rt) ?

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0i think so... :/ for A=amount?

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0P=principle r=rate and t=time??? is that it?

jim_thompson5910
 2 years ago
Best ResponseYou've already chosen the best response.1A = final amount, yes

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0then yeah i think i used it haha :P but idk if i did it right.. could u pls show me?

jim_thompson5910
 2 years ago
Best ResponseYou've already chosen the best response.1A = Pe^(rt) A = 1000*e^(0.05*10) A = ???

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0i forget... what does the e mean?

jim_thompson5910
 2 years ago
Best ResponseYou've already chosen the best response.1e is the number 2.718..., it's like pi = 3.14159...

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0ohhh i see.. so i get this? 1648.72 ?? so my answer is C. $1,648.72 ??? and e is basically ln right?

jim_thompson5910
 2 years ago
Best ResponseYou've already chosen the best response.1yeah the answer is C

jim_thompson5910
 2 years ago
Best ResponseYou've already chosen the best response.1e and ln are tied together

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0kk awesome! thanks :)

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0and tahts what i was thinking :)

iheartfood
 2 years ago
Best ResponseYou've already chosen the best response.0and tahts what i was thinking :)
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.