Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 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??

  • This Question is Closed
  1. jim_thompson5910
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    what makes you say that

  2. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    did you use the formula A = Pe^(rt) ?

  4. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i think so... :/ for A=amount?

  5. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    P=principle r=rate and t=time??? is that it?

  6. jim_thompson5910
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    A = final amount, yes

  7. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    then yeah i think i used it haha :P but idk if i did it right.. could u pls show me?

  8. jim_thompson5910
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    A = Pe^(rt) A = 1000*e^(0.05*10) A = ???

  9. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i forget... what does the e mean?

  10. jim_thompson5910
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    e is the number 2.718..., it's like pi = 3.14159...

  11. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    yeah the answer is C

  13. jim_thompson5910
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    e and ln are tied together

  14. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    kk awesome! thanks :)

  15. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    and tahts what i was thinking :)

  16. iheartfood
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    and tahts what i was thinking :)

  17. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Ask a Question
Find 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
  • 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.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.