# Exponential and logarithmic function

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• Just on my way to the bank to check out some interest rates!﻿
• ﻿BANK
• ﻿Get a loan today!﻿
• ﻿Hello there, I wanted to talk interest rates.
• Right this way good sir.﻿
• So you would like to invest 6000 dollars? Here at our bank it will be compounded annually at 8% interest.
• ﻿So how much money would I have at the end of 10 years?
• First you must plug the money invested, interest rate, and period of time into the equation A=P(1+r)^t﻿
• A= The amount at the end of compounding P= Starting amount R= Interest rate in a decimal T= Amount of years
• So, you plug all the numbers in accordingly and you get A=6000(1+.08)^10. First you add 1 and .08 which you then raise to the 10 to get 2.1589. You then multiply that by 6000 which brings you to a grand total of 12,953.55 which is your amount at the end of compounding.
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