Film and Music
Submitted By NinaRenae
MAT 205 /Week 2
Focus on Application
The concept of this week was to look at function problems that can include exponentials and logarithms with functions. These functions help with situations such as profit analysis, compound interest, continues compound interest or even doubling time for an investment.
An example that I have that would go very well with today’s day in age would be simply the economy on its own. Our economy has taken such a huge turn downhill due to big banks making poor choices of investment. With that, many people don’t have savings accounts, 401K’s and such for their own future ahead. These two examples are examples of ways we may save for our retirement, but at this point there is a bare chance of that happening at an earlier on age. Many will have to work longer throughout their lives just to make sure that they are financially set when entering retirement.
With the concepts of this week, we can calculate how long it would take to double a certain amount of investment in a certain time period with a fixed interest rate that would play upon a certain interval.
This equation can help determine t (time), for the principal to double. We can put in 2P for A, due to the other known values are r (interest rate) and m=1. Once we solve for t, we know the amount of time it will take to double our investment.
With this week’s concept, we can predict at a pretty accurate rate the amount of time it takes to grow an investment. Looking at the downturn that his economy has made, it is important to plan ahead for the future, knowing we have secure finances. If more knew about this concept, we may not be so financially burdened. Many would maybe not have to work too many extra years just to make sure that they are financially set when they enter retirement. This concept I’m sure can apply to many other things as well, which is why this week’s lesson is one to really take in and use in our lives.…...