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iheartfood

  • 3 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??

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  1. jim_thompson5910
    • 3 years ago
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    what makes you say that

  2. iheartfood
    • 3 years ago
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    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? :)

  3. jim_thompson5910
    • 3 years ago
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    did you use the formula A = Pe^(rt) ?

  4. iheartfood
    • 3 years ago
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    i think so... :/ for A=amount?

  5. iheartfood
    • 3 years ago
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    P=principle r=rate and t=time??? is that it?

  6. jim_thompson5910
    • 3 years ago
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    A = final amount, yes

  7. iheartfood
    • 3 years ago
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    then yeah i think i used it haha :P but idk if i did it right.. could u pls show me?

  8. jim_thompson5910
    • 3 years ago
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    A = Pe^(rt) A = 1000*e^(0.05*10) A = ???

  9. iheartfood
    • 3 years ago
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    i forget... what does the e mean?

  10. jim_thompson5910
    • 3 years ago
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    e is the number 2.718..., it's like pi = 3.14159...

  11. iheartfood
    • 3 years ago
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    ohhh i see.. so i get this? 1648.72 ?? so my answer is C. $1,648.72 ??? and e is basically ln right?

  12. jim_thompson5910
    • 3 years ago
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    yeah the answer is C

  13. jim_thompson5910
    • 3 years ago
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    e and ln are tied together

  14. iheartfood
    • 3 years ago
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    kk awesome! thanks :)

  15. iheartfood
    • 3 years ago
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    and tahts what i was thinking :)

  16. iheartfood
    • 3 years ago
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    and tahts what i was thinking :)

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