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Popular Word Problems >

Finn and Ellie deposit 600.00 into a savings account which earns 5% interest compounded continuously. They want to use the money in the account to go on a trip in 1 year. How much will they be able to spend?

Solução

F inn an d Ell i e d e p os i t 600.00 in t o a s a v in g s a cco u n t w hi c h e a r n s 5% in t eres t co m p o u n d e d co n t in u o u s l y . T h ey w an t t o u se t h e m o n ey in t h e a cco u n t t o g o o n a t r i p in 1 ye a r . Ho w m u c h w i ll t h ey b e ab l e t o s p e n d ?

Solução

Amount : 630.76

Passos da solução

Translate the problem into an equation:

A = 600 e^{0.05 \cdot 1}

600 e^{0.05 \cdot 1} = 630.76265 \dots

Round to the nearest hundredth:

630.76

Amount : 630.76

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