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2 years ago

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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

1 answer:

SCORPION-xisa [38]2 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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Given a point and a slope, the equation of a line can be found using:

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$d_1=3-(-m+4)$

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we'll do the same as above here:

$y=m(2)-2m+4$

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$d_2=3-4$

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