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Popular Word Problems >

If 535 is invested at an interest rate of 6% per year and is compounded continuously, how much will the investment be worth in 10 years?

Solution

I f 535 i s in v es t e d a t an in t eres t r a t e o f 6% p er ye a r an d i s co m p o u n d e d co n t in u o u s l y, h o w m u c h w i ll t h e in v es t m e n t b e w or t h in 10 ye a rs ?

Solution

Amount : 974.83

Solution steps

Translate the problem into an equation:

A = 535 e^{0.06 \cdot 10}

535 e^{0.06 \cdot 10} = 974.83355 \dots

Round to the nearest hundredth:

974.83

Amount : 974.83

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