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Popular Word Problems >

Sam invested 6000 in an account that earns 4.5% interest compounded continuously for 6 years. What is the amount of money in the account at that time.

Solution

S am in v es t e d 6000 in an a cco u n t t ha t e a r n s 4.5% in t eres t co m p o u n d e d co n t in u o u s l y f or 6 ye a rs . Wha t i s t h e am o u n t o f m o n ey in t h e a cco u n t a t t ha t t im e .

Solution

Amount : 7859.79

Solution steps

Translate the problem into an equation:

A = 6000 e^{0.045 \cdot 6}

6000 e^{0.045 \cdot 6} = 7859.78670 \dots

Round to the nearest hundredth:

7859.79

Amount : 7859.79

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