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Popular Word Problems >

If 14,000 is invested at 7% annual interest, which is compounded continuously, what is the account balance after 12 years, assuming no additional deposits or withdrawals are made?

Solution

I f 14, 000 i s in v es t e d a t 7% ann u a l in t eres t, w hi c h i s co m p o u n d e d co n t in u o u s l y, w ha t i s t h e a cco u n t ba l an ce a f t er 12 ye a rs, a ss u min g n o a dd i t i o na l d e p os i t s or w i t h d r a w a l s a re ma d e ?

Solution

Amount : 32429.14

Solution steps

Translate the problem into an equation:

A = 14000 e^{0.07 \cdot 12}

14000 e^{0.07 \cdot 12} = 32429.13767 \dots

Round to the nearest hundredth:

32429.14

Amount : 32429.14

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