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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-> 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 999039: 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!!!! Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! If you evaluate your function for t=10, you get
f(10) = 3616.52
Subtract 2600 and then divide by 2600...
1016.52/2600 = .391
Then divide by ten years and get 3.91%.
Sounds about right.
