Problema Solution
Complete the table to determine the balance A for $2400 invested at rate r for t years and compounded n times per year. (Round your answers to the nearest cent.)
r = 5%, t = 10 years
n 1 2 4 12 365 Continuous
A $ $ $ $ $ $
^^^ that's the table.
Answer provided by our tutors
P = $24,000
t = 10 years
r = 0.05 or 5% the annual rate
We will solve the problem when the compounding is continuous.
A = P*e^(rt)
A = 24,000*e^(0.05*10)
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click here to see the step by step calculation
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A = $39,569.31
After 10 years the balance will be $39,569.31.