Question 168485: If $42,000 is invested at an annual rate of 8% for 3 years, compounded continuously, find the balance. A=Pe to the rt. P=42,000 r=0.08 t=3
So A=42,000e to the 0.08(3).....42,000e to the 0.24. Now I don't know what to do from this point because I don't have a clue what to do about e. Can you help me.
Answer by stanbon(48554)   (Show Source):
You can put this solution on YOUR website!If $42,000 is invested at an annual rate of 8% for 3 years, compounded continuously, find the balance.
A=Pe^rt. P=42,000 r=0.08 t=3
A(3) = 42000e^(0.08*3)
A(3) = 42000*1.271249...
A(3) = $53392.46
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Cheers,
Stan H.
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