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Popular Word Problems >

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.

Solution

S u pp ose an in v es t m e n t e a r n s 1.8% 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 5800 in v es t m e n t a f t er 15 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 : 7597.79

Solution steps

Translate the problem into an equation:

A = 5800 e^{0.018 \cdot 15}

5800 e^{0.018 \cdot 15} = 7597.79381 \dots

Round to the nearest hundredth:

7597.79

Amount : 7597.79

Popular Examples

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