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Popular Word Problems >

You deposit 6000 in an account earning 2% interest compounded continuously. How much will you have in the account in 10 years?

Solution

Y o u d e p os i t 6000 in an a cco u n t e a r nin g 2% 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 10 ye a rs ?

Solution

Amount : 7328.42

Solution steps

Translate the problem into an equation:

A = 6000 e^{0.02 \cdot 10}

6000 e^{0.02 \cdot 10} = 7328.41654 \dots

Round to the nearest hundredth:

7328.42

Amount : 7328.42

Popular Examples

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 Twice the difference of a number and 7 is equal to 8.Suppose an investment earns 1.8% interest compounded continuously. Find the future value of a 5800 investment after 15 years. Round your answer to the nearest cent, if necessary.