you deposit $2000 in an account earning 6% interest compounded continuously. How much will you have in the account in 15 years?
1 answer:
Answer:
$4793.12
Step-by-step explanation:
The first step in working out the amount after 15 years is to convert the percentage of 6% to a decimal. You can do this by dividing 6 by 100, this gives you 0.06. This is because a percentage is out of 100.
The next step is to add 1 to the value of 0.06, this gives you 1.06. You would add 1 as you are working out a percentage increase.
The final step is to multiply the amount of $2000 by the value of 1.06 to the power of 15, this gives you 4793.12 (rounded to 2 decimal places). This is because we are working out the percentage of $2000 and then adding that on to be recaluclated with the new amount.
1) Divide 6 by 100.
2) Add 1 to 0.06.
3) Multiply 2000 by 1.06 to the power of 15.
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Answer:
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Step-by-step explanation:
A number line usually has numbers increasing from the right. If each unit on the number line represents $100, then a gain of $500 would be represented by the point at +5 units (right of 0). The loss would be represented by a point at -5 units, located left of 0.
The points are equidistant from 0 in opposite directions.
