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Popolare Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,000, requals2.3%, tequals4 years; compounded continuously

Soluzione

F in d t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​1, 000​, re q u a l s 2.3​%, t e q u a l s 4 ​ ye a rs; co m p o u n d e d co n t in u o u s l y

Soluzione

Amount : 1096.36

Fasi della soluzione

Translate the problem into an equation:

A = 1000 e^{0.023 \cdot 4}

1000 e^{0.023 \cdot 4} = 1096.36482 \dots

Arrotondare all' hundredth più vicino:

1096.36

Amount : 1096.36

Esempi popolari

Porter and Sadie deposited 6,000.00 into a savings account which earns interest compounded monthly. After 2 years, they had 6,803.00 in the account which they used to go on a trip. What was the interest rate on the account?Round your answer to the nearest tenth of a percent.a 10 min call decrease by 20%. the cost before decrease was \text{3.40. what was the cost of the decrease?:}the sum of three consecutive even integers is-120 five more than th sum of 6 and twice a number The area of a rectangle is 49 square centimeters and the length is 7 centimeters. What is the width of the rectangle?