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Popular Word Problems >

Find the balance if 8000 is invested in an account paying 7% interest compounded continuously for 15 years.

Solution

solve for

t h e ba l an ce i f 8000 i s in v es t e d in an a cco u n t p a y in g 7% 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 15 ye a rs .

Solution

Amount : 22861.21

Solution steps

Translate the problem into an equation:

A = 8000 e^{0.07 \cdot 15}

8000 e^{0.07 \cdot 15} = 22861.20894 \dots

Round to the nearest hundredth:

22861.21

Amount : 22861.21

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