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Popular Word Problems >

An initial amount of 3300 is invested in an account at an interest rate of 5% per year, compounded continuously. Assuming that no withdrawals are made, find the amount in the account after six years.

Solution

implicit derivative

ini t ia l am o u n t o f 3300 i s in v es t e d in an a cco u n t a t an in t eres t r a t e o f 5% p er ye a r, co m p o u n d e d co n t in u o u s l y . A ss u min g t ha t n o w i t h d r a w a l s a re ma d e, f in d t h e am o u n t in t h e a cco u n t a f t er s i x ye a rs .

Solution

Amount : 4454.53

Solution steps

Translate the problem into an equation:

A = 3300 e^{0.05 \cdot 6}

3300 e^{0.05 \cdot 6} = 4454.53406 \dots

Round to the nearest hundredth:

4454.53

Amount : 4454.53

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