Mathematics

Suppose you invest $580 at 10% compounded continuously , write an exponential function to model the amount in your investment account ?


Answers

mattkelley

4 years ago Comment

Interest=percent times rate(in years) times principal.
Or I=PRT
So you invest $580 so I=$580 Rate would be .10 and time would be 1 for one year. So if you put this into the formula you get
$580=P(.65)(1)
So $580=.65P so $580/.65=P so P is approximately $892.31 per year.