I am working on growth/decay and the e function times the rate and time times original investment amount is wrong each time.
An initial investment of $9,000 earns 8.8% interest, compounded continuously. What will the investment be worth in 13 years? (Round your answer to the nearest cent.)
I keep cross referencing the videos, answers and when i press e times the rate time x 9000, the answer is never correct.
I am taking .088x13 which is 1.144 and ex1.144 comes out wrong...i get 3.10971441176, x 9000=27987.4297058. the answer should be 28253.70. It keeps being wrong, can you help me know why the exrt part is wrong?
+129840 Note .... WolrramAlpha shows that e^(1.144) is approximately 3.13930.......
https://www.wolframalpha.com/input/?i=e%5E(1.144)
I'd just put it in either of the two ways below and not worry about the separate evaluation of e^(1.144)
A = 9000 * e^ (.088 * 13) = $28,253.70
A = 9000 * e^ (1.144) = $28,253.70
