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Popular Word Problems >

Suppose an investment earns 2.9% interest compounded continuously. Find the future value of a 5900 investment after 12 years. Round your answer to the nearest cent, if necessary.

Solution

S u pp ose an in v es t m e n t e a r n s 2.9% in t eres t co m p o u n d e d co n t in u o u s l y . F in d t h e f u t u re v a l u e o f a 5900 in v es t m e n t a f t er 12 ye a rs . R o u n d yo u r an s w er t o t h e n e a res t ce n t, i f n ecess a ry .

Solution

Amount : 8355.77

Solution steps

Translate the problem into an equation:

A = 5900 e^{0.029 \cdot 12}

5900 e^{0.029 \cdot 12} = 8355.77027 \dots

Round to the nearest hundredth:

8355.77

Amount : 8355.77

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