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Populaire Word Problems >

Lucy invested 30, 000 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, would be in the account after 9 years?

Solution

Lu cy in v es t e d 30, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 6.6% co m p o u n d e d co n t in u o u s l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, w o u l d b e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 54336.56

étapes des solutions

Translate the problem into an equation:

A = 30000 e^{0.066 \cdot 9}

30000 e^{0.066 \cdot 9} = 54336.56460 \dots

Arrondir à hundredth la plus proche:

54336.56

Amount : 54336.56

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