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Popular Word Problems >

An initial investment of 5000 grows continuously with an annual interest rate of 3.00%. What will be the value of the account after 4 years?

Solution

A n ini t ia l in v es t m e n t o f 5000 g ro w s co n t in u o u s l y w i t h an ann u a l in t eres t r a t e o f 3.00%. Wha t w i ll b e t h e v a l u e o f t h e a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 5600

Solution steps

Translate the problem into an equation:

A = 5000 (1 + 0.03 \cdot 4)

5000 (1 + 0.03 \cdot 4) = 5600

Amount : 5600

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