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Popular Word Problems >

A business deposits 30,000 in a fund that pays 5% interest, compounded continuously. Determine the balance in this account after 25 years.

Solution

A b u s in ess d e p os i t s 30, 000 in a f u n d t ha t p a ys 5% in t eres t, co m p o u n d e d co n t in u o u s l y . De t er min e t h e ba l an ce in t hi s a cco u n t a f t er 25 ye a rs .

Solution

Amount : 104710.29

Solution steps

Translate the problem into an equation:

A = 30000 e^{0.05 \cdot 25}

30000 e^{0.05 \cdot 25} = 104710.28872 \dots

Round to the nearest hundredth:

104710.29

Amount : 104710.29

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