Algebra 2 Common Core

Published by Prentice Hall
ISBN 10: 0133186024
ISBN 13: 978-0-13318-602-4

Chapter 7 - Exponential and Logarithmic Functions - 7-2 Properties of Exponential Functions - Practice and Problem-Solving Exercises: 28

Answer

$\$2330.65$

Work Step by Step

Step 1 Use the formula A=P$e^{rt}$ to find the amount in a continuously compounded account, with $p=\$2000$, $t=3$, and $r=5.1\%=0.051$ A=$2000 \times$$e^{(0.051)(3)}$ Step 2 Simplify A=$2000 \times$$e^{0.153}$ Step 3 Evaluate e. Simplify for answer $A=2000(1.165325) \\A=\$2,330.649958 \\A\approx\$2,330.65$
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