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Popular Word Problems >

You deposit 5000 in an account earning 2% interest compounded continuously. How much will you have in the account in 15 years?

Solution

Y o u d e p os i t 5000 in an a cco u n t e a r nin g 2% in t eres t co m p o u n d e d co n t in u o u s l y . Ho w m u c h w i ll yo u ha v e in t h e a cco u n t in 15 ye a rs ?

Solution

Amount : 6749.29

Solution steps

Translate the problem into an equation:

A = 5000 e^{0.02 \cdot 15}

5000 e^{0.02 \cdot 15} = 6749.29403 \dots

Round to the nearest hundredth:

6749.29

Amount : 6749.29

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