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Popular Word Problems >

an investment account is opened with an initial deposit of 14,500 earning 5.75% interest, compounded continuously. How much will the account be worth after 25 years?

Solution

implicit derivative

in v es t m e n t a cco u n t i s o p e n e d w i t h an ini t ia l d e p os i t o f 14, 500 e a r nin g 5.75% in t eres t, co m p o u n d e d co n t in u o u s l y . Ho w m u c h w i ll t h e a cco u n t b e w or t h a f t er 25 ye a rs ?

Solution

Amount : 61047.28

Solution steps

Translate the problem into an equation:

A = 14500 e^{0.0575 \cdot 25}

14500 e^{0.0575 \cdot 25} = 61047.28021 \dots

Round to the nearest hundredth:

61047.28

Amount : 61047.28

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