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Popular Word Problems >

You deposit 3000 in an account that earns 3.8% annual interest compounded continuously. Find the balance of your account after 15 years

Solution

Y o u d e p os i t 3000 in an a cco u n t t ha t e a r n s 3.8% ann u a l in t eres t co m p o u n d e d co n t in u o u s l y . F in d t h e ba l an ce o f yo u r a cco u n t a f t er 15 ye a rs

Solution

Amount : 5304.8

Solution steps

Translate the problem into an equation:

A = 3000 e^{0.038 \cdot 15}

3000 e^{0.038 \cdot 15} = 5304.80115 \dots

Round to the nearest hundredth:

5304.8

Amount : 5304.8

Popular Examples

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