** POR FAVOR WILL FAN AND MEDAL**
Situation: You invest $900 in an account that pays an interest rate of 5.5%, compounded continuously. Calculate the balance of your account after 6 years.
Stacey Warren - Expert brainly.com
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They gave me a formula but it's not working I think there's a glitch and it won't show me the rest of it I think
The formula for continuous interest problems is
r=annual rate of interest (in decimal, not percent)
t=time in years
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Please help me set it up I'm getting confused.
You have FV at 6, but you're looking for FV
yes, time t=6 (years)
PV is the current investment
FV is what you expect to get after t=6 years
r=rate of interest=5.5%=0.055 in decimal
So, FV=(900)(2.71828)^(0.055)(6) ?
Note that interest is in decimal form 0.055
and there are parentheses between r and t, i.e. the exponent is for the product r*t.
The way you interpreted the formula will have the time t multiplied (instead of exponentiated).
can you write it out please I keep writing it wrong?
is what you need to put on your calculator.
I know but you said what I set up is wrong
Read up PEMDAS to help you understand how formulas work:
You may have noticed that there are parentheses around r and t.
Without the parentheses, only r will be exponentiated.
oh okay I see!
I got 1251.87
is that worng
Nope, I got the same thing. Good one
I GOT IT RIGHT Y'ALL THANK THE HEAVENS
@FortyTheRapper Thanks for your help :)
Thanks but I give all credit to @mathmale on this one