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Popular Word Problems >

Christopher took out a loan for \25, 690 to purchase a truck. With an annual interest rate of 5.2%, how much would he have paid after 5 years if the interest was compounded continuously?

Solution

Solution

Amount : 33318.13

Solution steps

Translate the problem into an equation:

A = 25690 e^{0.052 \cdot 5}

25690 e^{0.052 \cdot 5} = 33318.13392 \dots

Round to the nearest hundredth:

33318.13

Amount : 33318.13

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