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Subject:
APR compounded continuously
Category: Miscellaneous Asked by: fredewq-ga List Price: $5.00 |
Posted:
02 Nov 2002 16:15 PST
Expires: 02 Dec 2002 16:15 PST Question ID: 96846 |
Suppose that you have $1500 invested at 4% APR compounded continuously. The balance of the account after t years is given by A(t)=1500e^.o4t Find the balance of the account after: 1year 3years and 3 months I need to show all work! |
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Subject:
Re: APR compounded continuously
Answered By: haversian-ga on 02 Nov 2002 16:37 PST Rated: |
What work? You just plug 1 and 3.25 into your formula: 1500 * e^(0.04*1) = 1500 * e^(0.04) = 1500 * 1.040810774 = 1561.2161613 1500 * e^(.04*3.25) = 1500 * e^(.13) = 1500 * 1.138828383 = 1708.2425749 |
fredewq-ga
rated this answer:
This is the answer I came up with but I wanted a second opinion to verify that I was correct. |
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Subject:
Re: APR compounded continuously
From: haversian-ga on 02 Nov 2002 16:45 PST |
Might I ask where these questions are coming from? They sound like homework problems, and if you are older than middle school age (and do not suffer from a developmental disability or other condition which would cause you to deviate from "normal" development) you would be better served giving your money to a tutor or a book publisher and learning this yourself. The various standard equations for a line and evaluating simple functions should be within your grasp at that age; if they are not, you will find it very difficult to progress in mathematics through high school and/or college. As someone who has taken an awful lot of math, I can authoritatively say that a strong grasp of basic algebra is absolutely essential to progress through geometry, trigonometry, calculus, and beyond. Algebra is the language in which these classes are taught and without a firm understanding of it, you cannot effectively understand the principles, even if you learn the formulas by rote and can solve problems using them. Whatever path you choose, I wish you the best of luck - mathematics is a wonderful world to explore! -Haversian |
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