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Popular Word Problems >

Chad earned some money doing odd jobs last summer and put it in a savings account that earns 2% interest compounded continuously. After 9 years, there is 800.00 in the account. How much did Chad earn doing odd jobs?

Solução

C ha d e a r n e d so m e m o n ey d o in g o dd j o b s l a s t s u mm er an d p u t i t in a s a v in g s a cco u n t t ha t e a r n s 2% in t eres t co m p o u n d e d co n t in u o u s l y . A f t er 9 ye a rs, t h ere i s 800.00 in t h e a cco u n t . Ho w m u c h d i d C ha d e a r n d o in g o dd j o b s ?

Solução

Principal : 668.22

Passos da solução

Translate the problem into an equation:

800 = P e^{0.02 \cdot 9}

Resolver para

P, 800 = P e^{0.02 \cdot 9} : P = 668.22

Principal : 668.22

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