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A common component of investing money is to take advantage of a financial institution's willingness to pay compound interest. Compound interest is basically interest paid on a deposit that continually accumulates interest. In general, the formula for compound interest can be represented by the following exponential function:
In this formula, P(t) represents the total money in the account after t years given the interest rate k which is compounded continuously. In this assignment, you will use this formula to explore the affect that compound interest can have over a period of time and at different interest rates.
Directions:
Calculate the interest earned
Solve the given expression
Convert the following equations into logarithmic form: How much interest will you accumulate if interest is compounded annually over the next five years?
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Pythagorean Quadratic - Buried treasure. Ahmed has half of a treasure map,which indicates that the treasure is buried in the desert 2x + 6 paces from Castle Rock. Vanessa has the other half of the map.
It's time to go shopping! You grab your Best Purchase credit card, which has an annual interest rate of 18%. The unpaid balance on your card for the current billing cycle is $285.76.
Solve for the given variable
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