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Popular Word Problems >

Annabelle invested 70,000 in an account paying an interest rate of 6.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 9 years?

Solution

A nnab e ll e in v es t e d 70, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 6.1% co m p o u n d e d co n t in u o u s l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t t e n d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 121206.44

Solution steps

Translate the problem into an equation:

A = 70000 e^{0.061 \cdot 9}

70000 e^{0.061 \cdot 9} = 121206.44418 \dots

Round to the nearest hundredth:

121206.44

Amount : 121206.44

Popular Examples

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