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iheartfood
Group Title
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
 2 years ago
iheartfood Group Title
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
 2 years ago

This Question is Closed

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

iheartfood Group TitleBest ResponseYou've already chosen the best response.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? :)
 2 years ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.1
did you use the formula A = Pe^(rt) ?
 2 years ago

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

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

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

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

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

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

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

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

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

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

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

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

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