Answered: Suppose that in 1644, a man bought a…

Suppose that in 1644, a man bought a diamond for $35. Suppose that the man had instead put the $35 in the bank at 3% interest compounded continuously. What would that $35 have been worth in 2005?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...

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Question

Suppose that in 1644, a man bought a diamond for $35. Suppose that the man had instead put the $35 in the bank at 3% interest compounded continuously. What would that $35 have been worth in 2005?

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