Find the cost of the monthly rent for a two-bedroom apartment in 30 years, assuming an inflation rate of 5% (compounded continuously), if the current rent is $610. (Round your answer to the nearest cent.)
4 answers
What is 610(e^(30(.05)) ) ?
What do you mean by e
e is Euler's number, it is appr 2.718281828...
It is also the base of the natural logarithm or "ln" on your calculator.
You will need it if you are solving problem where the interest rate is compounded continuously. I am surprised you have not come across this
number, since clearly you are dealing with this type of question
It is also the base of the natural logarithm or "ln" on your calculator.
You will need it if you are solving problem where the interest rate is compounded continuously. I am surprised you have not come across this
number, since clearly you are dealing with this type of question
I got confused for a second. You are a life saver!
2733.83
2733.83
1 answer