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anonymous

  • one year ago

WILL FAN AND MEDAL! :) All I need to know is how to set up the equation- Do I change the percentage to 0.035, 0.35 or leave it as 3.5? And do I add 1? Aidan has $7565 in his checking account. He invests it in an account that earns 3.5% interest compounded continuously. What is the total amount of his investment after 3 years?

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  1. yb1996
    • one year ago
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    Each time you use a percent in an equation, you should convert it into a decimal. So 0.035 will be correct.

  2. anonymous
    • one year ago
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    so it will turn into A=7565(1+0.035)^3?

  3. yb1996
    • one year ago
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    The equation you will use will be P=e^(rt)

  4. yb1996
    • one year ago
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    Sorry, A = Pe^(rt)

  5. anonymous
    • one year ago
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    how do you set that up?

  6. yb1996
    • one year ago
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    This website has a nice explanation on how to use that equation. Read it and if you have any questions then let me know: http://www.mathwarehouse.com/compound-interest/continuously-compounded-interest.php

  7. anonymous
    • one year ago
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    so A=7565e^(0.035)(3)

  8. yb1996
    • one year ago
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    Yes!

  9. anonymous
    • one year ago
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    what does 3 represent?

  10. yb1996
    • one year ago
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    3 years

  11. anonymous
    • one year ago
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    i meant e, sorry

  12. anonymous
    • one year ago
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    so right now i have 7565e^0.105

  13. yb1996
    • one year ago
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    e is a constant. It's approximately 2.7. But you should be able to find it on your calculator.

  14. anonymous
    • one year ago
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    how do i find that using a calculator

  15. yb1996
    • one year ago
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    do you have a scientific calculator with you?

  16. anonymous
    • one year ago
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    yes

  17. anonymous
    • one year ago
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    wait, I got it

  18. yb1996
    • one year ago
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    Alright, I was going to ask you which calculator you had since all calculators have different ways of inputting e, but that makes my life a lot easier...lol

  19. yb1996
    • one year ago
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    you should close the question so that it goes off the list

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