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Popular Word Problems >

Suppose 12,000 is deposited into an account paying 5.5% interest, compounded continuously. How much money is in the account after five years if no withdrawals or additional deposits are made?

Solution

S u pp ose 12, 000 i s d e p os i t e d in t o an a cco u n t p a y in g 5.5% 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 m o n ey i s in t h e a cco u n t a f t er f i v e ye a rs i f n o w i t h d r a w a l s or a dd i t i o na l d e p os i t s a re ma d e ?

Solution

Amount : 15798.37

Solution steps

Translate the problem into an equation:

A = 12000 e^{0.055 \cdot 5}

12000 e^{0.055 \cdot 5} = 15798.36809 \dots

Round to the nearest hundredth:

15798.37

Amount : 15798.37

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