Pessimist Singularitarian
#2
November 11th, 2016,
13:17
Your formula is correct:
$ \displaystyle A=Pe^{rt}$
Plug in known values:
$ \displaystyle 33=20e^{12r}$
Solve for $r$:
$ \displaystyle r=\frac{1}{12}\ln\left(\frac{33}{20}\right)\approx0.04173127399270744$
Thus, we find:
$ \displaystyle A(t)=20\left(\frac{33}{20}\right)^{\frac{t}{12}}$
Now we can fill in the table (rounded to the nearest penny):
Month |
Amount |
0 |
\$20.00 |
1 |
\$20.85 |
2 |
\$21.74 |
3 |
\$22.67 |
4 |
\$23.63 |
5 |
\$24.64 |
6 |
\$25.69 |
7 |
\$26.79 |
8 |
\$27.93 |
9 |
\$29.12 |
10 |
\$30.36 |
11 |
\$31.65 |
12 |
\$33.00 |