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Popular Word Problems >

Aaron invested 570 in an account paying an interest rate of 7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 8 years?

Solución

A a ro n in v es t e d 570 in an a cco u n t p a y in g an in t eres t r a t e o f 7% co m p o u n d e d co n t in u o u s l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t d o ll a r, w o u l d b e in t h e a cco u n t a f t er 8 ye a rs ?

Solución

Amount : 997.88

Pasos de solución

Translate the problem into an equation:

A = 570 e^{0.07 \cdot 8}

570 e^{0.07 \cdot 8} = 997.88332 \dots

Redondear al más cercano hundredth:

997.88

Amount : 997.88

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