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Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203

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Chapter
Section
BuyFindarrow_forward

Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203
Textbook Problem

Savings FlybynightSavings.com is offering a savings account that pays 31 % interest compounded continuously. How much interest would a deposit of $2,000 earn over 10 years?

To determine

To calculate: The interest earned over 10 years of deposit of $2000 if FlybynightSaving.com is offering a saving account that pays 31% compounded continuously.

Explanation

Given Information:

FlybynightSaving.com is offering a saving account that pays 31% compounded continuously and the amount of $2000 deposited for 10 years.

Formula used:

The formula for continuous growth is, A(t)=Pert

Here, P is initial amount, r is rate of interest and t is time in year.

The formula of interest is,

I=AP

Here, A is the value of deposit after certain time and P is initial value of deposit.

Calculation:

Convert the rate of interest in the decimal form.

r=31%=31100=0.31

Since interest is compounded continuously therefore formula of continuous growth should be used here.

The formula for continuous growth is, A(t)=Pert

Substitute P=$2000, r=0.31 and t=10 in the expression A(t)=Pert

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