anonymous
  • anonymous
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?
Mathematics
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anonymous
  • anonymous
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?
Mathematics
jamiebookeater
  • jamiebookeater
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yb1996
  • yb1996
Each time you use a percent in an equation, you should convert it into a decimal. So 0.035 will be correct.
anonymous
  • anonymous
so it will turn into A=7565(1+0.035)^3?
yb1996
  • yb1996
The equation you will use will be P=e^(rt)

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yb1996
  • yb1996
Sorry, A = Pe^(rt)
anonymous
  • anonymous
how do you set that up?
yb1996
  • yb1996
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
anonymous
  • anonymous
so A=7565e^(0.035)(3)
yb1996
  • yb1996
Yes!
anonymous
  • anonymous
what does 3 represent?
yb1996
  • yb1996
3 years
anonymous
  • anonymous
i meant e, sorry
anonymous
  • anonymous
so right now i have 7565e^0.105
yb1996
  • yb1996
e is a constant. It's approximately 2.7. But you should be able to find it on your calculator.
anonymous
  • anonymous
how do i find that using a calculator
yb1996
  • yb1996
do you have a scientific calculator with you?
anonymous
  • anonymous
yes
anonymous
  • anonymous
wait, I got it
yb1996
  • yb1996
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
yb1996
  • yb1996
you should close the question so that it goes off the list

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