Monday

December 22, 2014

December 22, 2014

Posted by **amber** on Sunday, February 27, 2011 at 7:10am.

- ALGEBRA 1 -
**MathMate**, Sunday, February 27, 2011 at 9:35amThe continuous interest formula is

A=Pe^{rt}

A=future amount, 15000

P=principal (unknown)

e=euler's constant, 2.71828..

r=rate of interest, 0.12 for 12%

t=time in years (for annual rate of interest), 2 years

So

15000=P*e^{0.12*2}

P=15000/(e^{0.24})

Can you take it from here?

Do a check by the reverse calculation, to see if

P*e^{0.24}gives 15000.

**Answer this Question**

**Related Questions**

college math - Cindy deposited $1,000 in an account that pays 12% interest ...

math - Suppose that the average earnings for high school graduates is $25,000, ...

Economics - Suppose that the average earnings for high school graduates is $25,...

Finance - Accounting - Can somebody people check this out and let me know if I ...

Math(College Algebra) - I'm having trouble how to set up this math problem: ...

Retirement - 1. I would like to retire in 42 years at the age of 65. The average...

algebra - child is now 3 years old - dad opens account with $10,000 it earns 4.5...

business math - The parents of a child have just come into a lare inheritance ...

college math - 1. Rebecka borrowed $500, $5,000, $3,500, and $2,000 from her dad...

Mathematics and investment - 1. Angelo wants to renovate his house in 3 years. ...