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Popular Word Problems >

Supposed you deposit 10, 000 into an account that compounds continuously with an annual rate of 6.7%, How\ much\ money\ will\ you\ have\ in\ 3\ years?

Solution

S u pp ose d yo u d e p os i t 10, 000 in t o an a cco u n t t ha t co m p o u n d s co n t in u o u s l y w i t h an ann u a l r a t e o f 6.7%, Ho w : m u c h : m o n ey : w i ll : yo u : ha v e : in : 3 : ye a rs ?

Solution

Amount : 12226.25

Solution steps

Translate the problem into an equation:

A = 10000 e^{0.067 \cdot 3}

10000 e^{0.067 \cdot 3} = 12226.24771 \dots

Round to the nearest hundredth:

12226.25

Amount : 12226.25

Popular Examples

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