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 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??
 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??

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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 :)
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