Answer: 13.29%
Step-by-step explanation:
The formula to calculate the compound amount (compounded continuously) is given by :-
, where P is the principal amount , r is the rate of interest ( in decimal) and t is the time period.
Given : P= $ 35,000 , A= $257,000 and t=15 years
To find : r , we substitute all the values in the above formula , we get
Taking natural log on both the sides , we get
Hence, the annual interest rate = 13.29%
Answer:
114,400 and 118,976.
Step-by-step explanation:
Let's represent this using a function. Let's let:
represent the total population, and
represent the total number of years since last year.
We know that the population grows by 4% every year or 0.04 every year. This is exponential growth. We can write this as:
Note that the coefficient is 110000 because that is the year we are starting with. Also, note that it is 1.04 because we are essentially adding .04 to the original population.
Anyways, to find the present population, set y equal to 1 (because 1 year after last year is the present year)
The present population is 114,400 people.
For next year, set y equal to 2 (2 years after last year is next year)>
The population next year will be 118,976 people.