AccountingQueen

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    Strayer,Phoniex,
    Feb-1999 - Mar-2006

  • MBA.Graduate Psychology,PHD in HRM
    Strayer,Phoniex,University of California
    Feb-1999 - Mar-2006

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Category > Math Posted 20 Aug 2017 My Price 10.00

general formula for compound interest

This is the general formula for compound interest: A=P(1+r/n) ^nt

 

This is the general formula for continuous growth decay: A=Pe^rt

 

For each problem:

a. State whether the problem is an example of growth or decay.

b. Solve the problem, showing all work leading to your answer.

c. Write 2–3 sentences to explain the meaning of the answer for the situation in the problem.

 

 

1-      A saving account with a current balance of $5,000 earns 2.75% annual interest compounded continuously. To the nearest dollar, what will be the account balance in 10 years.

 

 

2-      The value of a new car decreases exponentially. Suppose you buy a new car for $32,000, and the value of the car decrease at a rate of 20% per year. Find the value of the car after 5 years. Round the answer to the nearest thousand dollars.

 

3-      Suppose you deposit $10,000 into a saving account with 3.5% compound interest compounded each month. Find the account balance in 50 years. Round the answer to the nearest thousand dollars.

4-      On January 1, 2010, the population of a small town called Riley was 1,250. Its population has been decreasing at a steady rate of 8% per year. According to this model, what was Riley’s population on January 1, 2000? Round the answer to the nearest person. Use the compounding formula.

 

5-      Create your own original problem, use exponential growth and decay to find the answer. Show all the work.

 

 

Answers

(3)
Status NEW Posted 20 Aug 2017 01:08 PM My Price 10.00

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