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

A player on red hits the ball with 2 hands over their head and it goes over the net. O legal O illegal
Right inequalities to represent the situations below to get the 10% discount a shopper must spend at least $300 USD to represent the spending in dollars of a sh
By comparison, a state is​
Explain why a light wave refracts when it travels through mediums such as air to water.
If you have a density of 5 g/mL and a mass of 2.5 g, what is the volume?
Select the correct answer. Which right did the states have under the Articles of Confederation? ​
Verbs with similar sounds and structures can be easily confused. A.) True B.) False
____ were trained to be ready at any time to go to battle. 1. Englishmen 2. Americans 3. Redcoats 4. Minutemen 5. Regulars
Simplify expression (-9)
What is plagiarism? (5 points) Paraphrasing other people's work and identifying them Using other people's ideas without giving them credit Making a reference pa