Twelve large bottles of water cost $9. a. How many bottles can you buy for $3?
2 answers:
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Answer: $ 3462.03
Step-by-step explanation:
The exponential equation for growth (compounded continuously) is given by :-
, where P= Present value
r= growth rate ( in decimal)
t= time
As per given , we have
P=$1900, r = 6% =0.06 and t= 10
Substitute all the values in the above equation , we get
[To the nearest cent]
Hence, the balance in the account after 10 years = $ 3462.03