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Popular Word Problems >

You deposit 6000 in an account earning 5% interest compounded continuously. How much will you have in the account in 5 years? Use this formula and round to the nearest cent.

Solution

Y o u d e p os i t 6000 in an a cco u n t e a r nin g 5% 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 yo u ha v e in t h e a cco u n t in 5 ye a rs ? U se t hi s f or m u l a an d ro u n d t o t h e n e a res t ce n t .

Solution

Amount : 7704.15

Solution steps

Translate the problem into an equation:

A = 6000 e^{0.05 \cdot 5}

6000 e^{0.05 \cdot 5} = 7704.15250 \dots

Round to the nearest hundredth:

7704.15

Amount : 7704.15

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