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mina [271]
3 years ago
11

30 POINTS

Mathematics
1 answer:
Rama09 [41]3 years ago
3 0

103 represents how much money Victoria is depositing into the bank, or her principal.

The interest rate is 1.03, or 3%.

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Answer:

Step-by-step explanation:

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Elina [12.6K]

\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad  \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$1600\\ r=rate\to 7.9\%\to \frac{7.9}{100}\to &0.079\\ t=years\to &10 \end{cases} \\\\\\ A=1600e^{0.079\cdot 10}\implies A=1600e^{0.79}\implies A\approx 3525.434

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Well think about it. If you divide by something less than 1, your number gets bigger.

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