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Popular Word Problems >

Find the balance if 30000 is invested in an account paying 8.5% interest compounded continuously for 7 years.

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Solution

solve for thebalanceif30000isinvestedinanaccountpaying8.5%interestcompoundedcontinuouslyfor7years.

Solution

Amount:54390.93
Solution steps
Translate the problem into an equation:A=30000e0.085⋅7
30000e0.085⋅7=54390.92834…
Round to the nearest hundredth:54390.93
Amount:54390.93

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