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Popular Word Problems >

Find the compound amount and the amount of interest earned by the deposit below.\5, 000 at 3.44% compounded continuously for 6 years. What is the compound amount?

Solution

solve for

Solution

Interest : 1146.22

Amount : 6146.22

Solution steps

Translate the problem into an equation:

6146.22 = 5000 + I

Solve for

I, 6146.22 = 5000 + I : I = 1146.22

Interest : 1146.22

Amount : 6146.22

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