The amount of money A as a function of time in years t, given an initial amount P, an interest rate r, and compounded n times per year is: A = P(1 + r/n)nt The amount compounded continuously is: A = P ert The amount of an account at a particular time is given by: A = 5000(1 + 0.035/12)60 What is the interest rate? 2.9% 1.8% 3.5% If the interest is compounded continuously, what is the amount after the same time has passed? 5956 6028 6145
The amount of money A as a function of time in years t, given an initial amount P, an interest rate r, and compounded n times per year is: A = P(1 + r/n)nt The amount compounded continuously is: A = P ert The amount of an account at a particular time is given by: A = 5000(1 + 0.035/12)60 What is the interest rate? 2.9% 1.8% 3.5% If the interest is compounded continuously, what is the amount after the same time has passed? 5956 6028 6145
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.2: The Natural Exponential Function
Problem 2E
Related questions
Question
The amount of money A as a function of time in years t, given an initial amount P, an interest rate r, and compounded n times per year is:
A = P(1 + r/n)nt
The amount compounded continuously is:
A = P ert
The amount of an account at a particular time is given by:
A = 5000(1 + 0.035/12)60
What is the interest rate?
|
|
2.9% |
|
|
1.8% |
|
|
3.5% |
If the interest is compounded continuously, what is the amount after the same time has passed?
|
|
5956 |
|
|
6028 |
|
|
6145 |
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