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Popular Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,000, requals2.3%, tequals4 years; compounded continuously

Solución

F in d t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​1, 000​, re q u a l s 2.3​%, t e q u a l s 4 ​ ye a rs; co m p o u n d e d co n t in u o u s l y

Solución

Amount : 1096.36

Pasos de solución

Translate the problem into an equation:

A = 1000 e^{0.023 \cdot 4}

1000 e^{0.023 \cdot 4} = 1096.36482 \dots

Redondear al más cercano hundredth:

1096.36

Amount : 1096.36

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