Homework Help is Here – Start Your Trial Now!
Math
Calculus
Suppose that in 1662, a man bought a diamond for $34. Suppose that the man had instead put the $34 in the bank at 3% interest compounded continuously. What would that $34 have been worth in 2002? In 2002, the $34 would have been worth $ (Do not round until the final answer. Then round to the nearest dollar as needed)

Suppose that in 1662, a man bought a diamond for $34. Suppose that the man had instead put the $34 in the bank at 3% interest compounded continuously. What would that $34 have been worth in 2002? In 2002, the $34 would have been worth $ (Do not round until the final answer. Then round to the nearest dollar as needed)

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
See similar textbooks
icon
Related questions
Question
100%
15. Fill in the blank and round to the nearest dollar
Suppose that in 1662, a man bought a diamond for $34. Suppose that the man had instead put the $34 in the bank at 3% interest compounded continuously. What would that $34 have been worth in 2002? -C In 2002, the $34 would have been worth $ (Do not round until the final answer. Then round to the nearest dollar as needed.) larec nds Next e Type here to search esc / ? " o t6 ta 144 2 $ 4 1 3 & * 5 tab Q W E R %23
Transcribed Image Text:Suppose that in 1662, a man bought a diamond for $34. Suppose that the man had instead put the $34 in the bank at 3% interest compounded continuously. What would that $34 have been worth in 2002? -C In 2002, the $34 would have been worth $ (Do not round until the final answer. Then round to the nearest dollar as needed.) larec nds Next e Type here to search esc / ? " o t6 ta 144 2 $ 4 1 3 & * 5 tab Q W E R %23
Expert Solution
Step 1

The continuous compounding formula is P(t)=P(0)ertwhere P(0)= the initial amountr = the rate of interestP(t)= the  amount at time t t= time 

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS