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13 August, 23:16

Suppose you invest $580 at 10% compounded continuously, write an exponential function to model the amount in your investment account?

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  1. 14 August, 02:54
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    Interest=percent times rate (in years) times principal.

    Or I=PRT

    So you invest $580 so I=$580 Rate would be. 10 and time would be 1 for one year. So if you put this into the formula you get

    $580=P (.65) (1)

    So $580=.65P so $580/.65=P so P is approximately $892.31 per year.
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