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Popular Word Problems >

Roberta invested a principal amount of 3114.00 with a rate of 4% that compounds continuously.It has been accruing interest for 22 years.What total value does Roberta now have?

Solution

R o b er t a in v es t e d a p r in c i p a l am o u n t o f 3114.00 w i t h a r a t e o f 4% t ha t co m p o u n d s co n t in u o u s l y . I t ha s b ee n a ccr u in g in t eres t f or 22 ye a rs . Wha t t o t a l v a l u e d oes R o b er t a n o w ha v e ?

Solution

Amount : 7507.54

Solution steps

Translate the problem into an equation:

A = 3114 e^{0.04 \cdot 22}

3114 e^{0.04 \cdot 22} = 7507.54168 \dots

Round to the nearest hundredth:

7507.54

Amount : 7507.54

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