Please help with this 1 question it's 20 points.
2 answers:
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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:
Option D.The decrease in the value of the car, which is 8%
Step-by-step explanation:
we have a exponential function of the form
where
y is the value of the car
x is the time in years
a is the initial value
b is the base
r is the rate of decrease
b=1+r
In this problem we have
a=$24,000 initial value of the car
b=0.92
so
0.92=1+r
r=0.92-1=-0.08=-8%-----> is negative because is a rate of decrease