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Popular Word Problems >

Julian invested 990 in an account paying an interest rate of 6.2% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 12 years?

Solution

J u l ian in v es t e d 990 in an a cco u n t p a y in g an in t eres t r a t e o f 6.2% 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 d o ll a r, w o u l d b e in t h e a cco u n t a f t er 12 ye a rs ?

Solution

Amount : 2083.29

Solution steps

Translate the problem into an equation:

A = 990 e^{0.062 \cdot 12}

990 e^{0.062 \cdot 12} = 2083.29268 \dots

Round to the nearest hundredth:

2083.29

Amount : 2083.29

Popular Examples

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