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Popular Word Problems >

Eli opened a savings account and deposited 700.00 as principal. The account earns 3% interest, compounded continuously. What is the balance after 8 years?

Solução

El i o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 700.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d co n t in u o u s l y . Wha t i s t h e ba l an ce a f t er 8 ye a rs ?

Solução

Amount : 889.87

Passos da solução

Translate the problem into an equation:

A = 700 e^{0.03 \cdot 8}

700 e^{0.03 \cdot 8} = 889.87440 \dots

Round to the nearest hundredth:

889.87

Amount : 889.87

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