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Popular Word Problems >

Marian invests 8,152.7 in a savings account with a fixed annual interest rate of 7.19 % compounded continuously. What will the account balance be after 8 years?

Solution

M a r ian in v es t s 8, 152.7 in a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 7.19 % co m p o u n d e d co n t in u o u s l y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 8 ye a rs ?

Solution

Amount : 14491.31

Solution steps

Translate the problem into an equation:

A = 8152.7 e^{0.0719 \cdot 8}

8152.7 e^{0.0719 \cdot 8} = 14491.31001 \dots

Round to the nearest hundredth:

14491.31

Amount : 14491.31

Popular Examples

The sum of 38 and twice a number x is 124 . What is-2x-5 ?:-101:-91:46:86 Jace invested 380 in an account paying an interest rate of 6.2% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 15 years?twice the difference of a number and 4 equals 7 7 % of what number is 1.96 ?Identify the percent, the base, and the amount, write the percent as a decimal, and round the base to the nearest whole dollar.Percent = Base = Amount =Seven times the sum of a number and 1