anonymous
  • anonymous
you invest 3200 in an account that pays an interest rate of 7.25% compounded continuously. Calculate your balance after 12 years
Algebra
schrodinger
  • schrodinger
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anonymous
  • anonymous
anonymous
  • anonymous
Use the continuously compounding interest formula \[A = Pe^{rt}\] P = principal (amount invested) r = interest rate t = time in years
anonymous
  • anonymous
but what is e?

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anonymous
  • anonymous
e is a constant. It's irrational and approximately 2.71828. Use the e^ button on your calculate for more accurate estimations
anonymous
  • anonymous
so that is e?
anonymous
  • anonymous
yes
anonymous
  • anonymous
so you'd put this in your calculator \[3200e^{(0.0725*12)}\]
anonymous
  • anonymous
so A=3200*2.71^12*.0725
anonymous
  • anonymous
7617.86 is the answer
anonymous
  • anonymous
3200*e^(12*.0725) Use the "e" button and you get $7638.11 As you can see it makes a big difference. If you round, use more decimal points (at least 5) so you get a closer number
anonymous
  • anonymous
it said it was wrong
anonymous
  • anonymous
which number did you enter?
anonymous
  • anonymous

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