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Popular Word Problems >

you deposit 5000 dollars in an account earning 3percent interest compound continuously. How much will you have in the account in 10years

Solution

yo u d e p os i t 5000 d o ll a rs in an a cco u n t e a r nin g 3 p erce n t in t eres t co m p o u n d co n t in u o u s l y . Ho w m u c h w i ll yo u ha v e in t h e a cco u n t in 10 ye a rs

Solution

Amount : 6719.58

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.03}{1})^{1 \cdot 10}

5000 (1 + \frac{0.03}{1})^{1 \cdot 10} = 6719.58189 \dots

Round to the nearest hundredth:

6719.58

Amount : 6719.58

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