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Popular Word Problems >

Find the balance if 19000 is invested in an account paying 6.5% interest compounded continuously for 21 years.

Solution

solve for

t h e ba l an ce i f 19000 i s in v es t e d in an a cco u n t p a y in g 6.5% in t eres t co m p o u n d e d co n t in u o u s l y f or 21 ye a rs .

Solution

Amount : 74398.74

Solution steps

Translate the problem into an equation:

A = 19000 e^{0.065 \cdot 21}

19000 e^{0.065 \cdot 21} = 74398.73798 \dots

Round to the nearest hundredth:

74398.74

Amount : 74398.74

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