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Popular Word Problems >

Lena puts 1,000.00 into an account to use for school expenses. The account earns 1% interest, compounded continuously. How much will be in the account after 9 years?

Solution

L e na p u t s 1, 000.00 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 1% 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 9 ye a rs ?

Solution

Amount : 1094.17

Solution steps

Translate the problem into an equation:

A = 1000 e^{0.01 \cdot 9}

1000 e^{0.01 \cdot 9} = 1094.17428 \dots

Round to the nearest hundredth:

1094.17

Amount : 1094.17

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