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Popular Word Problems >

Seth is saving up money to buy a car. Seth puts 6,000.00 into an account which earns 11% interest, compounded continuously. How much will he have in the account after 3 years?

Solution

S e t h i s s a v in g u p m o n ey t o b u y a c a r . S e t h p u t s 6, 000.00 in t o an a cco u n t w hi c h e a r n s 11% 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 h e ha v e in t h e a cco u n t a f t er 3 ye a rs ?

Solution

Amount : 8345.81

Solution steps

Translate the problem into an equation:

A = 6000 e^{0.11 \cdot 3}

6000 e^{0.11 \cdot 3} = 8345.80877 \dots

Round to the nearest hundredth:

8345.81

Amount : 8345.81

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