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Popular Word Problems >

Suppose 24,000 is deposited into an account paying 7.25% interest, which is compounded continuously.How much money will be in the account after ten years if no withdrawals or additional deposits are made?

Solution

S u pp ose 24, 000 i s d e p os i t e d in t o an a cco u n t p a y in g 7.25% in t eres t, w hi c h i s 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 b e in t h e a cco u n t a f t er t e n ye a rs i f n o w i t h d r a w a l s or a dd i t i o na l d e p os i t s a re ma d e ?

Solution

Amount : 49553.55

Solution steps

Translate the problem into an equation:

A = 24000 e^{0.0725 \cdot 10}

24000 e^{0.0725 \cdot 10} = 49553.54639 \dots

Round to the nearest hundredth:

49553.55

Amount : 49553.55

Popular Examples

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