katherinesmith
  • katherinesmith
You invest $350 in an account with an interest rate of 1.2% compounded continuously. How much money would be in the account after 10 years? Round your answer to the nearest whole number.
Mathematics
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SOLVED
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chestercat
  • chestercat
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katherinesmith
  • katherinesmith
i know the formula is A = Pe^rt but i don't seem to be getting the right answer.
katherinesmith
  • katherinesmith
\[A = 350(e)^{.012}(^{10})\]
katherinesmith
  • katherinesmith
@phi

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phi
  • phi
the 10 should be multiplying the 0.012 you should get this \[ A = 350 e^{0.12}\] what do you get for a number ?
katherinesmith
  • katherinesmith
394.623898053
phi
  • phi
that looks good.
katherinesmith
  • katherinesmith
rounded to the nearest whole number so 395. okay. thank you.
phi
  • phi
If you did compounded yearly, so the yearly interest rate is 0.012 the formula is 350* 1.012^10 which gives 394.34, very close to compounding continuously I did that as a quick check.

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