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:
y = 4x -14
Step-by-step explanation:
The required answer form is slope-intercept form, so we need the slope and the y-intercept of the line.
The slope equation is ...
m = (y2 -y1)/(x2 -x1)
m = (10 -2)/(6 -4) = 8/2 = 4
The y-intercept equation is ...
b = y - mx
b = 2 -4(4) = -14
The equation of the line is y = 4x -14.
