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Popular Word Problems >

Jocelyn invested 3,700 in an account paying an interest rate of 1.5% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years?

Solução

J oce l y n in v es t e d 3, 700 in an a cco u n t p a y in g an in t eres t r a t e o f 1.5% 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 6 ye a rs ?

Solução

Amount : 4048.44

Passos da solução

Translate the problem into an equation:

A = 3700 e^{0.015 \cdot 6}

3700 e^{0.015 \cdot 6} = 4048.44484 \dots

Round to the nearest hundredth:

4048.44

Amount : 4048.44

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