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A=Pe^rt
P= principal
E= annual intrest rate ; eulers number
r= must be expressed as decimal`
t= years
A= account
You deposit $1,500 into a bank that pays 4% continuous interest. What is the account balance after 2 years? Round your answer to the nearest cent and do not include the dollar sign.
answers 1624.93
Candace invests $636 into the account with interest compounded quarterly. We will use the formula A=P^0⋅(1+r/k)^N⋅k with P0=$636. We know that r=0.07 and k=4 compounding periods per year.
(1+r/m)^m−1
i=(1+0.07/4)4−1
i=0.071859
I=i×100=7.1859%
Bank D pays 7.289% effective annual yield, on an investment account in which interest is compounded weekly. What is the annual interest rate before compounding? Enter your answer as a percent, rounded to the nearest four decimals, without the % sign. (9.34562% should be input as 9.3456.)
0.07289=A−1/1 or 0.07289=A−1, so A=$1.07289
1.07289= (1+ r/52)^52
1.0013539= 1+ r/52
0.0013539= r/52
0.0704028=r
A loan is paid off in 15 years with a total of $250,000. It had a 4% interest rate that compounded monthly. What was the principal?
Round your answer to the nearest cent. Do not round at any other point in the solving process; only round your final answer.
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