Which answer shows this equation in standard form?
1 answer:
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The formula we use for continuous compounding is 
where P is the initial amount invested, r is the rate as a decimal, and t is time in years. Our P = 1300, our r = .042, and our t = 5.75 (9 months is 3/4 of a year, and 3/4 in a decimal is .75). Putting all that into our formula we have 
. We have to multiply those 2 powers together and then raise euler's number to it, then multiply by 1300. Doing all of that, we get the amount at the end to be $1,655.10