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Popular Word Problems >

An amount of 5000 is deposited in a bank paying an annual interest rate of 1.5%,compounded continuously. Find the balance of the account after 7 years.

Solution

A n am o u n t o f 5000 i s d e p os i t e d in a bank p a y in g an ann u a l in t eres t r a t e o f 1.5%, co m p o u n d e d co n t in u o u s l y . F in d t h e ba l an ce o f t h e a cco u n t a f t er 7 ye a rs .

Solution

Amount : 5553.55

Solution steps

Translate the problem into an equation:

A = 5000 e^{0.015 \cdot 7}

5000 e^{0.015 \cdot 7} = 5553.55305 \dots

Round to the nearest hundredth:

5553.55

Amount : 5553.55

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