SahajD231361 SahajD231361
  • 04-11-2022
  • Mathematics
contestada

Ron deposits $2,000 into an account that receives 3.1% interest compounded continuously. How much money is in the account after 9 years?

Respuesta :

ParneetD536832 ParneetD536832
  • 04-11-2022

In general, the continuous compounding interest formula is

[tex]\begin{gathered} P(t)=Pe^{rt} \\ P\rightarrow\text{ initial amount} \\ t\rightarrow\text{ time} \\ r\rightarrow\text{ interest rate} \end{gathered}[/tex]

Therefore, in our case,

[tex]P(t)=2000e^{0.031t}[/tex]

Set t=9 as shown below

[tex]\Rightarrow P(9)=2000e^{0.279}\approx2643.615...[/tex]

The exact answer is 2000e^(0.279)

Answer Link

Otras preguntas

y+12=-50 ASAP help PLEASE!!
express (9^p)^5 with a prime number base in exponential form
The first image is use for questions 1-3. 1.Given ∠8≅∠12, which lines, if any, must be parallel based on the given information? Justify your conclusion. a∥b, C
15+xy÷3=35 and x=5. What is the value of y?
2my + 7m +7x + 2xy factor by grouping
Find the equation of the line that is perpendicular to the line y =- 1/3 x-1 and passes through the point (1, 5)? Justify how you knew what slope to use for ste
what is nine more than a number divided by -4 when it is less than or equal to -2
x+12= -15 ASAP! ASAP! ASAP!
What are the three major factors that affect the earths biomes
in NLM, M=(4x-4), L=(3x+12) and N=(6x+3). What is X? A. 9 B. 12 C. 13 D. 14