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Populaire Word Problems >

If 3500 is invested at an interest rate of 6.25% per year, compounded continuously, find the value of the investment after 4 years

Solution

I f 3500 i s in v es t e d a t an in t eres t r a t e o f 6.25% p er ye a r, 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 v a l u e o f t h e in v es t m e n t a f t er 4 ye a rs

Solution

Amount : 4494.09

étapes des solutions

Translate the problem into an equation:

A = 3500 e^{0.0625 \cdot 4}

3500 e^{0.0625 \cdot 4} = 4494.08895 \dots

Arrondir à hundredth la plus proche:

4494.09

Amount : 4494.09

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