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sesenic [268]
3 years ago
10

You have your heart set on buying a new car in 2 years. You invest $3,200 at 3.75% interest compounded continuously. How much mo

ney will have to use for your down payment on your new car
Mathematics
1 answer:
SCORPION-xisa [38]3 years ago
7 0

<u>Answer:</u>

The available amount for the down payment of car and invested $3,200 at 3.75% interest compounded continuously is 3449.23$

<u>Explanation:</u>

We know final amount is given by  

Where,

A=P \times e^{r t}

A   =   final amount

P   =  initial principal balance = $3200

r    =   interest rate = 3.74%

t    =  number of time periods elapsed = 2 years

Substituting the values in the formula

r=\frac{3.75}{100}=0.0375

A=3200 \times e^{(0.0375 \times 2)}

We know, e = 2.72

So we get A = 3449.23$ which is the available amount for the down payment of car .

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