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Populaire Word Problems >

Harold opened a savings account and deposited 100.00 as principal. The account earns 3% interest, compounded continuously. What is the balance after 1 year?

Solution

H a ro l d 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 100.00 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 1 ye a r ?

Solution

Amount : 103.05

étapes des solutions

Translate the problem into an equation:

A = 100 e^{0.03 \cdot 1}

100 e^{0.03 \cdot 1} = 103.04545 \dots

Arrondir à hundredth la plus proche:

103.05

Amount : 103.05

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