anonymous
  • anonymous
How much money invested at 5% compounded continuously for 3 years will yield $820? Answers a. $952.70 b. $818.84 c. $780.01 d. $705.78 i got A... is that right?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
@hartnn am I right on this one?
hartnn
  • hartnn
no...what formula did you use ?
hartnn
  • hartnn
use, \( \large A = P (1+r/100)^n \) A = 820 n=3 r=5

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hartnn
  • hartnn
find P
anonymous
  • anonymous
i used |dw:1370451251010:dw|
hartnn
  • hartnn
no no, compound interest formula is \(\large A = P (1+r/100)^n\)
anonymous
  • anonymous
oh okay so then i got like 3,3903.0 and thats not right
hartnn
  • hartnn
?? how ? i am getting an answer which is in the choices...calculate again ?
hartnn
  • hartnn
A = 820 n=3 r=5 find P
hartnn
  • hartnn
1+r/100 = 1+5/100 = 1.05
anonymous
  • anonymous
i get 949.25
anonymous
  • anonymous
no i was dividing its 705.78??!!
hartnn
  • hartnn
820 = P (1.05)^3 i get 705 for this... yes!
anonymous
  • anonymous
ahh thank you I might have more questions so I'll tag you again if I do! (:
hartnn
  • hartnn
sure, welcome ^_^

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