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Popular Word Problems >

Darnel puts 700.00 into an account to use for school expenses. The account earns 2% interest, compounded continuously. How much will be in the account after 7 years?

Solution

D a r n e l p u t s 700.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 2% 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 w i ll b e in t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 805.19

Solution steps

Translate the problem into an equation:

A = 700 e^{0.02 \cdot 7}

700 e^{0.02 \cdot 7} = 805.19165 \dots

Round to the nearest hundredth:

805.19

Amount : 805.19

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