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Popular Word Problems >

Suppose an investment earns 2.4% interest compounded continuously. Find the future value of a 4800 investment after 17 years. Round your answer to the nearest cent, if necessary.

Solution

S u pp ose an in v es t m e n t e a r n s 2.4% in t eres t co m p o u n d e d co n t in u o u s l y . F in d t h e f u t u re v a l u e o f a 4800 in v es t m e n t a f t er 17 ye a rs . R o u n d yo u r an s w er t o t h e n e a res t ce n t, i f n ecess a ry .

Solution

Amount : 7218.27

Solution steps

Translate the problem into an equation:

A = 4800 e^{0.024 \cdot 17}

4800 e^{0.024 \cdot 17} = 7218.27437 \dots

Round to the nearest hundredth:

7218.27

Amount : 7218.27

Popular Examples

Denise opened a savings account and deposited 4,000.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 9 years?You deposit 6000 in an account earning 2% interest compounded continuously. How much will you have in the account in 10 years?the sum of 2 numbers is 32. one number is 3 times larger 20 is 25% of what number four times a number is 112