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Popular Word Problems >

Steve invests 1,800 in an account that earns 3.7% annual interest, compounded continuously.What is the value of the account after 10 years? Round your answer to the nearest dollar.

Solution

St e v e in v es t s 1, 800 in an a cco u n t t ha t e a r n s 3.7% ann u a l in t eres t, co m p o u n d e d co n t in u o u s l y . Wha t i s t h e v a l u e o f t h e a cco u n t a f t er 10 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 d o ll a r .

Solution

Amount : 2605.92

Solution steps

Translate the problem into an equation:

A = 1800 e^{0.037 \cdot 10}

1800 e^{0.037 \cdot 10} = 2605.92230 \dots

Round to the nearest hundredth:

2605.92

Amount : 2605.92

Popular Examples

3 more than 8 times a number The area of a circle is 1.1304 square feet. What is the circle's radius?Ezra opened a savings account and deposited 400.00 as principal. The account earns 2% interest, compounded annually. What is the balance after 10 years?112 is 56% of what number Zoey invested 230 in an account paying an interest rate of 6.3% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 12 years?