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Popular Word Problems >

After 10 years, you have \$8099.15 in an account that compounded continuously at a rate of 3% annual interest rate. How much money did you have in the account when you opened it?

Solution

A f t er 10 ye a rs, yo u ha v e $8099.15 in an a cco u n t t ha t co m p o u n d e d co n t in u o u s l y a t a r a t e o f 3% ann u a l in t eres t r a t e . Ho w m u c h m o n ey d i d yo u ha v e in t h e a cco u n t w h e n yo u o p e n e d i t ?

Solution

Principal : 6000

Solution steps

Translate the problem into an equation:

8099.15 = P e^{0.03 \cdot 10}

Solve for

P, 8099.15 = P e^{0.03 \cdot 10} : P = 6000

Principal : 6000

Popular Examples

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