Answer: $38,824
Step-by-step explanation:
Convert the mixed number as a decimal number.
Divide the numerator by the denominator and add it to the whole number 4. Then:
Then, knowing that 4.25 acres cost $165,000 , divide this amount by 4.25 acres to find the cost of each acre.
Therefore, you get that the cost of each acre rounded to nearest dollar is:
Answer:
see the explanation
Step-by-step explanation:
we know that
step 1
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
Applying property of exponents
step 2
The formula to calculate continuously compounded interest is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
e is the mathematical constant number
we have
substitute in the formula above
Applying property of exponents
step 3
Compare the final amount
therefore
Find the difference
----> Additional amount of money you would have in your pocket if you had used a continuously compounded account with the same interest rate and the same principal.