Question

You invest $4,200 in an account that pays an interest rate of 6.5%, compounded continuously. Calculate the balance of your account after 10 years. Round your answer to the nearest hundredth.

Answer 1

A=Pe^(rt)

Answer 2

P= principal
e= e button on your calc
r= rate
t= time

Answer 3

A=$4,200e^(6.5 10 years) ?

Answer 4

and because you have e with an exponent you must use \[e^x\]

Answer 5

I'm not sure how to do it ahh

Answer 6

what dollar amount do you start with
how long is it invested
what is the percentage rate

Answer 7

you start with 4200 and it's invested for 10 years and the percentage rate is 6.5

Answer 8

so
P=4200
r=.065
t=10

Answer 9

what is 10 x .065

Answer 10

.65

Answer 11

so now you use the "e^x" button on your calculator and then type .65

Answer 12

1.91?

Answer 13

yes, but don't round anything. leave it the way it comes up and then multiply by "P" which is 4200

Answer 14

ok now it says 8,045.27

Answer 15

is that the answer?

Answer 16

yup

Answer 17

thank you :)

Answer 18

could you help me with another question that's similar?

Answer 19

You're welcome. Just remember the formula and then its just plugging in numbers.

Answer 20

sure

Answer 21

An earthquake with a rating of 4.1 can cause destruction in areas of up to 100 kilometers that are populated. What is the value of x when the Richter scale rating is 4.1? Round your answer to the nearest hundredth.

Answer 22

R = log x right