anonymous
  • anonymous
Assume you invest $ 7500 in an account that pays an annual interest rate of 5.2 % that will be compounded continuously.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
How much money is in the account after 13 years with the given rate? $14744.98
anonymous
  • anonymous
If you want the account to contain $ 9200 after 13 years, what yearly interest rate is needed?
anonymous
  • anonymous
@welshfella Can you help me?

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More answers

welshfella
  • welshfella
for the first one it is 7500(1 .052)^13
welshfella
  • welshfella
I get a slightly different result to you Did you use the above formula?
anonymous
  • anonymous
I used P=7500e^(0.052)(13)
welshfella
  • welshfella
oh yes its compounded continuously! I overlooked that
anonymous
  • anonymous
I'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
  • welshfella
P becomes 9200 and put x for 0.052 then solve for x.
welshfella
  • welshfella
9220 = 7500e^(13x)
welshfella
  • welshfella
can you solve that?
welshfella
  • welshfella
I agree with your first answer
anonymous
  • anonymous
How do I solve for x?
welshfella
  • welshfella
first 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
  • welshfella
do you follow that ?
welshfella
  • welshfella
ln means log to the base e so if we have e^x then the log of it is x
welshfella
  • welshfella
if you have a variable as an exponent a good way to solve is to take logs
anonymous
  • anonymous
Got it! 1.57%
anonymous
  • anonymous
Thanks so much!!!
welshfella
  • welshfella
grab ur calculator and divide ln 1.226666667 by 13
welshfella
  • welshfella
1.57 is correct
welshfella
  • welshfella
1.57%
welshfella
  • welshfella
yw

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