Asked by john
find the accumulated value of an investment of 5000 at 9% compounded continuously for 6 years.
Answers
Answered by
Reiny
Amount = 5000(e)^(.09x6)
= 5000(e^.54)
= 8580.03
your general formula is
Amount = Principal(e)<sup>rt</sup> where r is the annual rate and t is the number of years.
= 5000(e^.54)
= 8580.03
your general formula is
Amount = Principal(e)<sup>rt</sup> where r is the annual rate and t is the number of years.
Answered by
ANONYMOUS....
I don't understand what it is exaclty you multiply to get 8580.03. Please respond back. I need to understand this. Because when I multiply 5000x.54 I don't get that.
Answered by
Reiny
I am using the exponential function e^x
it is the inverse function of ln on your calculator.
The nature of the question requires you to know about exponential functions.
On my calculator I press
2nd F (ln)
.54
=
to get 1.7160068...
it is the inverse function of ln on your calculator.
The nature of the question requires you to know about exponential functions.
On my calculator I press
2nd F (ln)
.54
=
to get 1.7160068...
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