Continuously Compounding Interest
Not what you're looking for?
Susie is opening an online savings account with an interest rate of 5.5%, compounded continuously. She wants the account to have a balance of $4,000 after 6 years. Assuming the interest rate stays the same, how much money must Susie deposit now in order to reach her goal? (Show formula and answer in a complete sentence)
Purchase this Solution
Solution Summary
Continuously Compounding Interest is investigated. The solution is detailed and well presented. The response received a rating of "5/5" from the student who originally posted the question.
Solution Preview
Please see the attached file for the complete solution.
Thanks for using BrainMass.
Suppose Susie deposits dollars into the savings ...
Purchase this Solution
Free BrainMass Quizzes
Solving quadratic inequalities
This quiz test you on how well you are familiar with solving quadratic inequalities.
Geometry - Real Life Application Problems
Understanding of how geometry applies to in real-world contexts
Multiplying Complex Numbers
This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.
Graphs and Functions
This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.
Know Your Linear Equations
Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.