Question: Homework 01- Basics Function Name: interest Inputs 1. (double) Amount owed in dollars 2. (double) Interest rate, expressed as a percentage 3. (double) Amount borrowed

 Homework 01- Basics Function Name: interest Inputs 1. (double) Amount owed

Homework 01- Basics Function Name: interest Inputs 1. (double) Amount owed in dollars 2. (double) Interest rate, expressed as a percentage 3. (double) Amount borrowed in dollars Outputs 1. (double) Time passed in years Background You are a successful baker who owns your own bakery. Many years ago, you had to take out a loan to begin the bakery, and now it's time to pay the loan back. You know how much you owe, how much you initially borrowed, and the rate of interest, and you're curious as to how long ago you took out the loan. You decide to harness the MATLAB skills you learned in CS 1371 at Georgia Tech to write a function that will tell you long you've had the loan! Function Description Given the money you owe on the loan, interest rate, and the amount you initially borrowed, calculate the time that has passed in years. The formula for continuous compound interest is as follows A Pet In this equation, A is the amount owed, P is the amount borrowed, e is Euler's number, r is the interest rate, expressed as a decimal, and t is the time in years. Round your answer to two decimal places Notes: . The interest rate was constant. Hints . The log() function may be useful

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Databases Questions!