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Popular Word Problems >

Francesco invested a principal amount of 3736.00 with a rate of 5% that compounds continuously.It has been accruing interest for 77 years.What total value does Francesco now have?

Solution

F r an cesco in v es t e d a p r in c i p a l am o u n t o f 3736.00 w i t h a r a t e o f 5% t ha t co m p o u n d s co n t in u o u s l y . I t ha s b ee n a ccr u in g in t eres t f or 77 ye a rs . Wha t t o t a l v a l u e d oes F r an cesco n o w ha v e ?

Solution

Amount : 175566.08

Solution steps

Translate the problem into an equation:

A = 3736 e^{0.05 \cdot 77}

3736 e^{0.05 \cdot 77} = 175566.08423 \dots

Round to the nearest hundredth:

175566.08

Amount : 175566.08

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