the 2nd question is what I want to answer
The formula for continuous compounded interest is
A = Pe^rt where A is the final amount, P is the initial amount, r is the interest rate, and t is the amount of time
So, the equation for your question is
A = 1300e^10r
We need to know the interest rate in order to find the final amount.
Or, we need to know what final amount is desired in order to find the interest rate.
Find the present value of P of a future amount of A= $3500 invested at 6% compounded annually for 3 Years
compounded annually is differently than compounded continuously, for annually use
A = 3500(1+.06)^3
Sorry, correction. You want the PRESENT VALUE, so then it's
3500 = P(1+ 0.06)^3
P = 3500/1.06^3 = $2938.67
I have one more question, sorry
The Population size of a country was 12.7 million in the year 2000 and 14.3 million in the year 2010. Assume that the population size follows an exponential function.
What will the population size be in the year 2015, assuming the formula holds until then?
When will the population reach 18 million?
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