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 999037: 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!
You can put this solution on YOUR website! Posted this twice already...
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.
