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Exponential growth and compound interest

  1. May 23, 2016 #1
    1. The problem statement, all variables and given/known data
    upload_2016-5-23_19-49-18.png

    2. Relevant equations
    upload_2016-5-23_19-49-28.png

    3. The attempt at a solution
    here is my attempted answer, can someone please verify if my method is accurate and if my solution is correct? thanks for the help!
    upload_2016-5-23_19-50-8.png
     
  2. jcsd
  3. May 23, 2016 #2

    Ray Vickson

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    Your method is OK, but I get $14644.18 instead of your $14598.54.

    Also: do NOT use the exact same title "exponential growth and compound interest" for two different threads. When you do that it makes it harder for other readers/helpers to navigate your PF threads.
     
  4. May 24, 2016 #3
    i think its because i didnt round 0.005208333
    would my answer still be considered right, or is it better to round ??
     
  5. May 24, 2016 #4

    Ray Vickson

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    Well, the correct answer is $14644.18, while your answer is $14598.54. Admittedly, the difference ($45.64) is not very large compared to the base values, but nevertheless one answer is not correct, no matter how you look at it.

    As to rounding: I cannot answer that question because you do not specify what accuracy you round to. Generally, though, it is best to keep full calculator accuracy during your computations, and round off the answer only at the end.
     
  6. May 26, 2016 #5
    ok got it, sorry for the late reply, but thanks for the help!
     
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