jacob has not paid his $320 credit card bill and it was sent to collections.

Question

his interest rate is 43%, compounded daily. the exponential function is y=320(1+0.43)^t so if jacob left his account unpaid in 2009 calculate the expected balance in 2014 if he has not paid. show your calculations (recall that 2012 is a leap year)

 

please help me and thank. if you don't understand anything I wrote just let me know.

Answer 1

43% kompounded daelee=43/365 for eech kompound

become 0.00117808219, then add 1

so for 1 yeer kompound interest=1.00117808219^365

from 2009 thru 2014=5 yeers, so 5*365=1825 daes, then add 1 for leep dae...

1.00117808219^1826=8.58410261264373

yu started with 320$, so multipli 320*8.58410....=2,746.9128360459935%

or bout 2, 746.91$