A certain loan program offers an interest rate of 8%, compounded continuously. Assuming no payments are made, how much would be owed after three years on a loan of $1300? Do not round any intermediate computations, and round your answer to the nearest cent.

A certain loan program offers an interest rate of 8%, compounded continuously. Assuming no payments are made, how much would be owed after three years on a loan of $1300? Do not round any intermediate computations, and round your answer to the nearest cent.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.7: Exponential And Logarithmic Models

Problem 16TI: Recent data suggests that, as of 2013, the rate of growth predicted by Moore’s Law no longer holds....

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Equations and inequalities describe the relationship between two mathematical expressions.

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A certain loan program offers an interest rate of 8%, compounded continuously. Assuming no payments are made, how much would be owed after three
years on a loan of $1300?
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