SOLUTION: If a bank compounds continuously, then the formula used is A=Pe^rt
where e is a constant and equals approximately 2.7183.
Calculate A with continuous compounding. Round your ans
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-> SOLUTION: If a bank compounds continuously, then the formula used is A=Pe^rt
where e is a constant and equals approximately 2.7183.
Calculate A with continuous compounding. Round your ans
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Question 116887: If a bank compounds continuously, then the formula used is A=Pe^rt
where e is a constant and equals approximately 2.7183.
Calculate A with continuous compounding. Round your answer to the hundredth's place
A is the amount of the return.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the number of compound periods in one year.
t is the number of years.
Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.
Suppose you deposit $4,000 for 8 years at a rate of 7%.
(