What are examples of exponential functions in real life?
Exponential Growth and DecayPutting money in a savings accountThe initial amount will earn interest according to a set rate, usually compounded after a set amount of time. For example, a $2000 deposit, earning .95% interest yearly, will become $2,199 over 10 years. It's small, but it's there.Student fucking loansThe typical student loan has an interest rate between 3 and 4%, so we’ll use 3.75% for a middle that's towards the high end, which is where most of the banks will sit you. This means a $20,000 loan paid off over 10 years will end up costing you $28,900. Woo.Radioactive DecayIn chemistry, radioactive elements break down exponentially, and the decay is shown in terms of half-lives, how long it takes for an element to decay 50%- and this is constant no matter how much of an element there is to begin with. For example, Carbon-14 has a half life of 5,730 years, meaning 100g of carbon will decay to 50g after 5730 years. And after 57,300 years, due to the property of exponential decay, there will still be .097g of carbon in the sample. It will never reach zero. Zeno’s Paradox.[1]Footnotes[1] http://platonicrealms.com/encycl...
Is a compound interest directly proportional to the number of years?
Let principle be Rs 1000 and rate of interest = 10% per annum.Time Interest Cum_Interest Net_SumOriginal Principle 1000year 1 100 100 1100Year 2 110 210 1210Year 3 121 331 1331Look at Column 1, 2 & 3Interest is increasing as number of year increases.It is because in Compound Interest, you get interest on interest of previous years.=> Compound Interest NOT proportional to number of years.:-)
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount..?
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest. (a) Find the amount of money accrued at the end of 7 years when $5000 is deposited in a savings account drawing (15/4)% annual interest compounded continuously. (Round your answer to the nearest cent.) I would really appreciate if someone can help me with part a of this problem I keep getting the wrong answer.
At what rate of simple interest will a sum of money double itself in 8 years?
Why maximum people here complicting the problem. It is very simple, apply some logic.
How Much interest does a life insurance policy accumulate?
Sorry to hear from your loss, but the answer I'm going to give you is going to make you mad. However, it will also be an educational experience for you. The way life insurance works is that it pays a death benefit upon death of the insured (your aunt) to a beneficiary (your mom). The type of life policy that your aunt has is called a cash value life insurance policy. This is a life insurance plus savings built into one policy. While your aunt was still living, the interest rate that a person typically gets on the cash value is between 0-4%. When she died, your mom is suppose to get the death benefit plus the savings, right? Well, that's not how life insurance works. In most cash value life insurance, it only pays out one or the other. If your aunt was living and she wanted to cancel the policy, she would get the savings, but lose the death benefit. Since your aunt is dead, your mom would only get the death benefit. So what happen to the savings? The insurance company keeps it and there's nothing you or your mom can do about it because it says it in the policy. So to answer your mom's question, you would say "the interest rate is between 0-4%, but we're not going to see that money because the savings isn't ours. But at least we get the death benefit. If you don't believe me, we should read her life policy together."
A problem under the chapter Exponential and Logarithmic functions in my book but I don't know how! :|?
My error - I took 1% and not .1% ... 29000 = 400 [ (1.001)^0 + (1.001)^1 + (1.001)^2 + .... + (1.001)^n ] or 29000 = 400 [ (1.001)^(n+1) -1 ] / [ 1.001 - 1 ] or 72.5 = [ (1.001)^(n+1) -1 ] / [ .001 ] or 0.0725 = [ (1.001)^(n+1) -1 ] or 1.0725 = (1.001)^(n+1) or ln(1.0725) = (n+1) ln(1.001) or n = -1 + ln(1.0725) / ln(1.001) or n = 69.027362176 or n ~ 70 months → $ 28,000 deposits + $ 1,417.26 interest
If the interest rate is 5 percent, how many years will it be until the amount of money in your bank account doubles?
For a discreet number of componding periods:[math]F = P(1+i)^n[/math]Where:F = the future valueP = the present valuen = the number of periods and is based on the compounding periods per year, so it is the compounding periods per year times the number of yearsi = is the annual interest rate divided by the number of coumponding periods per yearSo, if you get paid interest once a year you need to know the number of years when F/P =2 where i = 5%. So you rearrange the equstion to read:[math]F/P=(1+i)^n[/math]Substituting you have:[math]2=(1+0.05)^n[/math]Now solve for n:[math]2=1.05^n[/math][math]Log(2) = n×log(1.05)[/math][math]n = Log(2)/Log(1.05)[/math][math]n = 0.3010/0.02119[/math][math]n = 14.205[/math]Since you only get interest at the end of the year I would say that the answer is 15 years (although you will have slightly more than double your money by then).If you were to consider an account that pays continuous interest then you would start with the equation:[math]F = P e^{rt} [/math]Set F/P = 2 and solve for t (time) where r is the interest rate.NOTE: A thank you to Michael Fisher for correcting my rendering of continuous interest and for teaching me how to correctly render multiple components in an exponent by using {}. It was truly appreciated.
Help with economic question?
Actually, your economics teacher needs a good English language lesson. Based upon the information in the question the answer can be either C or D. First, compound and simple interest are the only two types of interest. Second, the type of interest being charged is only coincidental to whether or not the amount of interest grows each month - the question to be answered is - what is the interest rate. Just the fact that the idiot using the card to charge more than she is paying means that the interest paid will grow each month (there is at least $150 more in principal each month). To get the interest charged to decline, Marsha needs to pay at least $200 plus the monthly interest charges regardless of how the card company calculates interest.
Which of the following refers to a conflict of interest between principal and?
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