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Popular Word Problems >

consider an investment where 42000 is invested for 10 year at 6% compounded continuously. how much will this investment be worth after 10 year . what is the total amount earned in compound interest

Solution

co n s i d er an in v es t m e n t w h ere 42000 i s in v es t e d f or 10 ye a r a t 6% co m p o u n d e d co n t in u o u s l y . h o w m u c h w i ll t hi s in v es t m e n t b e w or t h a f t er 10 ye a r . w ha t i s t h e t o t a l am o u n t e a r n e d in co m p o u n d in t eres t

Solution

Amount : 76528.99

Amount : 76528.99

Solution steps

Translate the problem into an equation:

A = 42000 e^{0.06 \cdot 10}

42000 e^{0.06 \cdot 10} = 76528.98961 \dots

Round to the nearest hundredth

Amount : 76528.99

Amount : 76528.99

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