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Popular Word Problems >

Evan invests 5,358 in a retirement account with a fixed annual interest rate of 6% compounded continuously. What will the account balance be after 17 years?

Solution

E v an in v es t s 5, 358 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 6% co m p o u n d e d co n t in u o u s l y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 17 ye a rs ?

Solution

Amount : 14858.78

Solution steps

Translate the problem into an equation:

A = 5358 e^{0.06 \cdot 17}

5358 e^{0.06 \cdot 17} = 14858.77754 \dots

Round to the nearest hundredth:

14858.78

Amount : 14858.78

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