A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 one year ago
you invest 3200 in an account that pays an interest rate of 7.25% compounded continuously. Calculate your balance after 12 years
anonymous
 one year ago
you invest 3200 in an account that pays an interest rate of 7.25% compounded continuously. Calculate your balance after 12 years

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Use the continuously compounding interest formula \[A = Pe^{rt}\] P = principal (amount invested) r = interest rate t = time in years

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0e is a constant. It's irrational and approximately 2.71828. Use the e^ button on your calculate for more accurate estimations

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so you'd put this in your calculator \[3200e^{(0.0725*12)}\]

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so A=3200*2.71^12*.0725

anonymous
 one year ago
Best ResponseYou've already chosen the best response.07617.86 is the answer

anonymous
 one year ago
Best ResponseYou've already chosen the best response.03200*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
 one year ago
Best ResponseYou've already chosen the best response.0it said it was wrong

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0which number did you enter?
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.