The amount of money Justin would have in his account than Aaron, to the nearest dollar is $0
What is the future value formula for continuous compounding cash flow?
The future value, which is used to determine the worth of this investment of $740 made now in 18 years is as shown below:
FV=PV*e^(rt)
FV=the worth of the investment in 18 years=unknown
PV=the amount invested today=$740
e=mathematical exponential value=2.7182818
r=rate of interest which compounded continuously=5%
t=time of investment in years=18
FV=$740*2.7182818^(5%*18)
FV=$740*2.7182818^(0.90)
FV=$740*2.459603087981220
FV=$1,820.11
Justin:
FV=PV*(1+r/m)^(n*m)
PV=$740
r=5%
m=number of times in a year that interest is compounded=365
m=number of years=18
FV=$740*(1+5%/365)^(18*365)
FV=$1,819.99
difference=$1,820.11-$1,819.99
difference=$0.12($0 to the nearest dollar)
Find out more about continuous compounding on:brainly.com/question/23136156
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Answer:
Son's age = 24 years
Man's age = 48 years
Step-by-step explanation:
Let's take the age of son as x
Man's age = 2x
Twelve years ago,
Son's age= x-12
Man's age= 2x-12
Man is three times as old as his son so,
Solving for x,
2x-12(1) = x-12(3)
2x-12 = 3x-36
2x-3x = -36+12
-x = - 24
x = 24
So if we substitute the values we get,
Son's age = 24 years
Man's age = 48 years
Hope you understand :)
To find 5/6 of 12, you do 5/6 multiplied by 12
12*5/6 (first multiply 12 by 5 and leave the answer over 6)
60/6 (simplify)
The final answer is 10
Hope this helps!
