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

Question

Mathematics

Britney Lawson

6 December, 10:01

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

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Answers (1)

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Clinton Forbes · Answer 1

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.