- #1
alexandria
- 169
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Homework Statement
Homework Equations
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!
alexandria said:Homework Statement
View attachment 101163
Homework Equations
View attachment 101164
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!
View attachment 101165
alexandria said:i think its because i didnt round 0.005208333
would my answer still be considered right, or is it better to round ??
Exponential growth is a type of growth where the rate of increase is proportional to the current value. This means that as the value increases, the rate of increase also increases, resulting in a rapid growth pattern.
Compound interest is a type of interest calculation where the interest earned on an investment is added to the principal amount, and then the next interest calculation is based on this new total. This results in a compounding effect, leading to a higher return on investment over time.
Exponential growth and compound interest are both based on the same principle of proportional growth. In exponential growth, the rate of increase is proportional to the current value, while in compound interest, the interest earned is proportional to the principal amount. This results in a compounding effect in both cases, leading to rapid growth over time.
Some common examples of exponential growth include population growth, the spread of diseases, and the growth of social media platforms. On the other hand, compound interest can be seen in investments such as savings accounts, stocks, and bonds, where the interest earned is added to the principal amount and leads to a higher return over time.
The formula for calculating exponential growth is y = ab^x, where "a" is the initial value, "b" is the growth rate, and "x" is the number of time periods. For compound interest, the formula is A = P(1+r/n)^nt, where "A" is the final amount, "P" is the principal amount, "r" is the annual interest rate, "n" is the number of times the interest is compounded per year, and "t" is the number of years.