how do i use the formula a=pe^rt to solve 15000. at 4.6% for 4yrs
To use the formula A = P*e^(rt) to solve for a specific value, such as 15000, you will need to plug in the values of P (principal), r (interest rate), and t (time) and then solve for A (amount).
In this case, you are given:
P = 15000 (principal)
r = 4.6% (interest rate)
t = 4 years (time)
First, convert the interest rate from a percentage to a decimal by dividing it by 100:
r = 4.6/100 = 0.046
Now, you can substitute the values into the formula and solve for A:
A = 15000 * e^(0.046 * 4)
Next, calculate e^(0.046 * 4):
e^(0.046 * 4) ≈ 1.1947 (rounding to 4 decimal places)
Now, plug this value back into the formula:
A = 15000 * 1.1947
Multiply the two values:
A ≈ 17920.50
Therefore, the amount (A) after 4 years would be approximately $17,920.50.