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Popular Word Problems >

An investment of 2,600.00 earns 1.7% annual interest, compounded continuously. If no funds are added or removed from this account, what is the future value of the investment after 24 years?

Solution

implicit derivative

in v es t m e n t o f 2, 600.00 e a r n s 1.7% ann u a l in t eres t, co m p o u n d e d co n t in u o u s l y . I f n o f u n d s a re a dd e d or re m o v e d f ro m t hi s a cco u n t, w ha t i s t h e f u t u re v a l u e o f t h e in v es t m e n t a f t er 24 ye a rs ?

Solution

Amount : 3909.9

Solution steps

Translate the problem into an equation:

A = 2600 e^{0.017 \cdot 24}

2600 e^{0.017 \cdot 24} = 3909.89861 \dots

Round to the nearest hundredth:

3909.9

Amount : 3909.9

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