Hello,
I am having trouble calculating the compound continous amount of a problem and Present Value.
For example,
Jessica plans to borrow $15,000 from a bank that charges 12% compounded continiously. If she pays back the money in 4 years, how much will she have paid. A = PeRT (raised)
15000e x 0.48 (raised) however I can not get the proper answer on my calculator however the teacher does say the formula is correct
I'm not sure what I am doing wrong? Or why I can not come up with the correct answer? ($24,241.12)
Another of the problems on my last quiz was
Find the present value of $12,000 at 5% compounded continously for 3 years.
My teacher gave us this formula P= A
-----
e RT (raised)
Now I can get the formula the teacher wants out of the problem
P = 12,000
______
e .15 (raised)
I'm not sure what I am doing wrong? Or why I can not come up with the correct answer? ($10,328.50)
Any help would be greatly appreciated.
Thank you
I am having trouble calculating the compound continous amount of a problem and Present Value.
For example,
Jessica plans to borrow $15,000 from a bank that charges 12% compounded continiously. If she pays back the money in 4 years, how much will she have paid. A = PeRT (raised)
15000e x 0.48 (raised) however I can not get the proper answer on my calculator however the teacher does say the formula is correct
I'm not sure what I am doing wrong? Or why I can not come up with the correct answer? ($24,241.12)
Another of the problems on my last quiz was
Find the present value of $12,000 at 5% compounded continously for 3 years.
My teacher gave us this formula P= A
-----
e RT (raised)
Now I can get the formula the teacher wants out of the problem
P = 12,000
______
e .15 (raised)
I'm not sure what I am doing wrong? Or why I can not come up with the correct answer? ($10,328.50)
Any help would be greatly appreciated.
Thank you