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anonymous
 one year ago
Assume you invest $ 7500 in an account that pays an annual interest rate of 5.2 % that will be compounded continuously.
anonymous
 one year ago
Assume you invest $ 7500 in an account that pays an annual interest rate of 5.2 % that will be compounded continuously.

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0How much money is in the account after 13 years with the given rate? $14744.98

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0If you want the account to contain $ 9200 after 13 years, what yearly interest rate is needed?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@welshfella Can you help me?

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1for the first one it is 7500(1 .052)^13

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1I get a slightly different result to you Did you use the above formula?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I used P=7500e^(0.052)(13)

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1oh yes its compounded continuously! I overlooked that

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I'm just confused on how you get the answer to this: If you want the account to contain $ 9200 after 13 years, what yearly interest rate is needed?

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1P becomes 9200 and put x for 0.052 then solve for x.

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1can you solve that?

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1I agree with your first answer

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0How do I solve for x?

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1first divide both sides by 7500 e^13x = 1.22666667 now take logs of both sides ln e^13x = ln 1.226666667 13x = ln 1.226666667 x = ln 1.226666667 / 13

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1do you follow that ?

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1ln means log to the base e so if we have e^x then the log of it is x

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1if you have a variable as an exponent a good way to solve is to take logs

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1grab ur calculator and divide ln 1.226666667 by 13
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