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Popular Word Problems >

Jeremy is investing 47,000 in an account paying 9.26% interest compounded continuously.What will Jeremy's account balance be in 42 years?

Solution

J ere m y i s in v es t in g 47, 000 in an a cco u n t p a y in g 9.26% in t eres t co m p o u n d e d co n t in u o u s l y . Wha t w i ll J ere m y^{'} s a cco u n t ba l an ce b e in 42 ye a rs ?

Solution

Amount : 2296973.35

Solution steps

Translate the problem into an equation:

A = 47000 e^{0.0926 \cdot 42}

47000 e^{0.0926 \cdot 42} = 2296973.35270 \dots

Round to the nearest hundredth:

2296973.35

Amount : 2296973.35

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