Use the formula A = P (1 +r/n)nt to calculate the balance A of an investment when
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A = P (1 +r/n)nt
to calculate the balance A of an investment when P = $3000, r = 6%, and t = 10 years, and compounding is done (a) by the day, (b) by the hour, (c) by the minute, and (d) by the second. Does increasing the number of compoundings per year result in unlimited growth of the balance? Explain. Project: Population per Square Mile To work an extended application analyzing the population per square mile of the United States, visit this text's website at LarsonPrecalculus.com.
Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...
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P 3000 r 6 t 10 years A P 1 rn nt 3000 1 006n 10n a n 365 A 546609 ...View the full answer
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