If you invest $600 at 5% interest compounded continuously, how much would you make after 6 years?
2 answers:
Answer:
$809.92
Step-by-step explanation:
(see attached for reference)
Recall that the formula for compound interest (compounded continuously) is
A = P e^(rt)
where,
A = final amount (we are asked to find this)
P = principal = given as $600
r = interest rate = 5% = 0.05
t = time = 6 years
e = 2.71828 (mathematical constant)
Substituting the known values into the equation:
A = P e^(rt)
= 600 e^(0.05 x 6)
= 600 (2.71828)^(0.30)
= $809.92
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Answer:
(x) =
Step-by-step explanation:
Let y = f(x) and rearrange making x the subject
y = 5 - 2x ( add 2x to both sides )
2x + y = 5 ( subtract y from both sides )
2x = 5 - y ( divide both sides by 2 )
x =
Change y back into terms of x
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