Answer:
Step-by-step explanation:
First of all it should be like fractions
So -2/3 becomes -10/15
and -3/5 becomes -9/15
-9/15 is greater than -10/15
-3/5 is greater than -2/3
Answer:
(a) The future value after 9 years is $7142.49.
(b) The effective rate is
.
(c) The time to reach $13,000 is 21.88 years.
Step-by-step explanation:
The definition of Continuous Compounding is
If a deposit of
dollars is invested at a rate of interest
compounded continuously for
years, the compound amount is

(a) From the information given



Applying the above formula we get that

The future value after 9 years is $7142.49.
(b) The effective rate is given by

Therefore,

(c) To find the time to reach $13,000, we must solve the equation


I may be wrong but I hope I am not. But one expression is 16 × .15 and another is 16 × 15/100. When multiplying percentages you have to move the decimal that is invisbly behind the last number, two places to the left. The answer you get is the percentage of the price. You would then take the answer and add it to the price. The answer to the multiplication problem is 2.40. You then add the 2.40 to the $16 and that's the new price.