SOLUTION: Suppose that $2600 is initially invested in an account with an APR of 3.3% compounded continuously.
I created this function, I don't know if it helps:
f(t)=2600e^(.033t)
And
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Question 999040: Suppose that $2600 is initially invested in an account with an APR of 3.3% compounded continuously.
I created this function, I don't know if it helps:
f(t)=2600e^(.033t)
And I calculated that the annual percent change (APY) of the account is 3.36%
What is the percent change over 10 years for this account?
Please help!
Thanks!
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
The ratio is
So after one year, the investement grew to of the original investment.
The percent change over 1 year (the APY) was .
After 10 years,
The percent increase over the 10 years is
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