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Popular Word Problems >

Emma puts 600.00 into an account to use for school expenses. The account earns 12% interest, compounded continuously. How much will be in the account after 10 years?

Solution

E mma p u t s 600.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 12% 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 w i ll b e in t h e a cco u n t a f t er 10 ye a rs ?

Solution

Amount : 1992.07

Solution steps

Translate the problem into an equation:

A = 600 e^{0.12 \cdot 10}

600 e^{0.12 \cdot 10} = 1992.07015 \dots

Round to the nearest hundredth:

1992.07

Amount : 1992.07

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