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Popular Word Problems >

Supposed you invest 2000 at the annual interest rate of 5.6% compounded continuously. How much will you have in the account after 2.5 years?

Solution

S u pp ose d yo u in v es t 2000 a t t h e ann u a l in t eres t r a t e o f 5.6% 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 a f t er 2.5 ye a rs ?

Solution

Amount : 2300.55

Solution steps

Translate the problem into an equation:

A = 2000 e^{0.056 \cdot 2.5}

2000 e^{0.056 \cdot 2.5} = 2300.54759 \dots

Round to the nearest hundredth:

2300.55

Amount : 2300.55

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