Convert 0.70 hours to minutes. Round answers to the nearest tenth.
1 answer:
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<u>Answer:</u>
The available amount for the down payment of car and invested $3,200 at 3.75% interest compounded continuously is 3449.23$
<u>Explanation:</u>
We know final amount is given by
Where,
A = final amount
P = initial principal balance = $3200
r = interest rate = 3.74%
t = number of time periods elapsed = 2 years
Substituting the values in the formula
A=
We know, e = 2.72
So we get A = 3449.23$ which is the available amount for the down payment of car .