en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

A certain loan program offers an interest rate of 5% per year, compounded continuously. Assuming no payments are made, how much would be owed after seven years on a loan of \$3700?

Solution

A cer t ain l o an p ro g r am o ff ers an in t eres t r a t e o f 5% p er ye a r, 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 p a y m e n t s a re ma d e, h o w m u c h w o u l d b e o w e d a f t er se v e n ye a rs o n a l o an o f $3700 ?

Solution

Amount : 5250.55

Solution steps

Translate the problem into an equation:

A = 3700 e^{0.05 \cdot 7}

3700 e^{0.05 \cdot 7} = 5250.54992 \dots

Round to the nearest hundredth:

5250.55

Amount : 5250.55

Popular Examples

a cube with edge length e has a volume of 216 cubic units. what is the lenth of the edge of the cube in units mike is 7 years older than asyua. the sum of their ages is 29. how old is mike 5 years ago, Tiana won some money in the lottery and put it in a bank account that earns 2% interest compounded monthly. If Tiana currently has 200.00 in the bank account, how much interest has she earned?what is the area of a triangle with a base of 9 and a height of 19 How much money must be deposited now in an account paying 8% annual interest, compounded quarterly, to have a balance of 1000 after 10 years? Show your work.