Question

You invest $4,400 in an account that pays an interest rate of 7.25%, compounded continuously.
Calculate the balance of your account after 15 years. Round your answer to the nearest hundredth.

Answer 1

Use the continuious compounding interest formula.\[A=Pe ^{rt}\]
where A=amount in the account
P=Principal
r=interest rate
t=years

Answer 2

\[A=4400e ^{.0725*15}\]
e is the base of the natural logs and is approx2.71828

Answer 3

\[A=4400e ^{1.0875}\]

Answer 4

A=$13,054.12

Answer 5

Did you get the same thing?

Answer 6

yes

Answer 7

now how would i do 7 = log x

Answer 8

Great, didn't know if I used the calculator correctly.

Answer 9

I assume we are using common logs. which uses base of 10. Then x =10^7 or
10,000,000

Answer 10

Good luck, gotta run