SOLUTION: The bank compounds continously then the formula used is A=Pe^rt where e is constant and equals appr 2.713/ calculate A with continous compounding. roung your answer to the hundredt
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Question 321441: The bank compounds continously then the formula used is A=Pe^rt where e is constant and equals appr 2.713/ calculate A with continous compounding. roung your answer to the hundredth's place.
so far I have A=4000^.07(8) butcant get it to come out right. Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! The bank compounds continously then the formula used is A=Pe^rt where e is constant and equals appr 2.713/ calculate A with continous compounding. roung your answer to the hundredth's place.
so far I have A=4000^.07(8) butcant get it to come out right.
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You didn't give the data. It appears that the starting amount is $4000, the interest rate is 7%, and the time is 8 periods.
If so,
A = 4000*e^(0.07*8) you left out the e. e is not 2.713. It's 2.718281828...
A = 4000*e^0.56
A =~ 7002.69
