Suppose you invest 1,600 at an annual interest rate of 7.9% compounded continuously. How much will you have in the account after
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<h2>Hello!</h2>
The answer is: 50% (0.5)
<h2>Why?</h2>Exponential growth equations are use to predict the growth (in function of time) using proportional information.
We can calculate the exponential growth using the following formula:
Where,
S, is the starting value
r, is the growth rate
t, is the time
So, we are given the function:
Where,
f(t), is the function,
3, is the starting value (lb)
0.5 (50%) is the growth rate
nt, is the time elapsed.
Hence,
From the given function, we know that the growth rate is equal to 0.5, and it's equal to 50%.
We can turn the growth rate given in real numbers to percent value by multiplying by 100
So, the growth rate is 50%.
Have a nice day!