Use the equation A = Pe^(rt), where A is the final value, P is the initial value, r is the rate, and t is time.
The time is 21 years, the rate is .06% per year, and the initial value is $230,000.
Therefore, we have
A = 230,000*e^(.06*21)
A = $810,846.94
I don't know...That doesn't look correct. I got this:
A = 230,000*e^(.06*21)
NOW we add that to the 230,000 to get
A = 519,800???? I think this makes more sense? Any thoughts? ThankS! :)
230,000*e^(.06*21) does not equal 289,800. You forgot about the e.
Well you see that is what I did and but still don't come up with the answer these are my answer options.
I even did this since there are 12mths in a year I mult. 12 by 21 which I got 252. So what is the answer though????
Just use the compound interest formula,
Amount = princ(1+i)^n
amount = 230000(1.06)^21
Marth's formula is used for "continuous" rate of interest.
So what you did was mult. 230,000 by 1.06 right which I got 368000. But from there what do I do did you mult. 368000 by 21? I'm lost in that step right there.
follow the order of operation, the power has to be done first
do (1.06)^21 on your calculator to get
3.3995636 , then multiply by 230000
Yeah I already figured it out thank you. I was wondering how you did it solved the problem I was getting fusterated b/c I tried it so many ways and I just wouldn't come up with an answer, I was way off the mult. choice. Once again thanks.
1. Find the amount of time to the nearest day that it would take for a deposit of $1000 to grow to $500,000 at 10% compounded continuously. The equation for continuous compounding is given below:
English - 1. He can not solve the math problem. 2. He cannot solve the math ...
English - 1. However brilliant she is, she won't be able to solve this math ...
Pre calculus - How do I solve this exponent problem? I understand the exponent ...
Math - You are a letter and now your in a math problem explain to the numbers ...
math,help - can someone help me with this i am lost now i've been doing math for...
Problem solving:for 3rd grade - Write a real-world problem that you can solve by...
College Math II - Solve each problem. Find the quotient and remainder when x^2...
math - What strategy did you use in solving this problem? 22. Suppose that you ...
Math - Ok we are doing central angles and arcs and I can't figure out how to ...
simple interest - What is the amount after 1 year on $315 invested at 7%, if ...