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3 years ago

Peter puts 8000 into a savings account that pays 6% interest, compounded continuously. After 5 years, Peter will have ( $)

1 answer:

5 0

We have to calculate the amount of money Peter will have in his account after 5 years. Formula for the amount after t years with interest compounded continuously : A = P * e ^(rt)
We know that r = 0.06, t=5, e = 2.71 and p= $8,000
A = 8,000 * 2,718 ^(0.06 * 5) = 8,000 * 2,718 ^ (0.3) = 8,000 * 1.3488158 = 10,798.53 so the answer is 10,798.53

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Step-by-step explanation:

If the number of accidents occur according to a poisson process, the probability that x accidents occurs on a given day is:

$P(x)=\frac{e^{-at}*(at)^{x} }{x!}$

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On the other hand the probability that February has at least one accident with a personal injury is calculated as:

P(x≥1)=1 - P(0)

Where P(0) is calculated as:

$P(x)=\frac{e^{-at}*(at)^{x} }{x!}$

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