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Popular Word Problems >

You deposit 3000 in an account earning 4% interest compounded continuously. How much money will you have in the account in 5 years? round to the nearest hundredth.

Solution

Y o u d e p os i t 3000 in an a cco u n t e a r nin g 4% 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 m o n ey w i ll yo u ha v e in t h e a cco u n t in 5 ye a rs ? ro u n d t o t h e n e a res t h u n d re d t h .

Solution

Amount : 3664.21

Solution steps

Translate the problem into an equation:

A = 3000 e^{0.04 \cdot 5}

3000 e^{0.04 \cdot 5} = 3664.20827 \dots

Round to the nearest hundredth:

3664.21

Amount : 3664.21

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