exponential functions?

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exponential functions?

A bank pays 4.5% annual interest, compounded continuously. What is the rule of the function m(t) that gives the value of 1 million dollars after it has been invested for t years...

2006-12-04 15:46:38 · 3 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics

3 answers

Amount = P*e^(r*t), where here P=1,000,000, r=.045, and t is the the time it takes.

Steve

2006-12-04 15:52:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋

m(t)=Pe^rt
where P is the principal ($1,000,000)
r is the interest rate (0.045)
and t is the time in years

2006-12-04 23:52:05 · answer #2 · answered by grand_nanny 5 · 0⤊ 0⤋

m(t) = 1,000,000* e^(.045*t)

2006-12-04 23:59:06 · answer #3 · answered by firefly 6 · 0⤊ 0⤋