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Popular Word Problems >

Rosanne is saving up money to buy a car. Rosanne puts 10,000.00 into an account which earns 10% interest, compounded continuously. How much will she have in the account after 3 years?

Solution

R os ann e i s s a v in g u p m o n ey t o b u y a c a r . R os ann e p u t s 10, 000.00 in t o an a cco u n t w hi c h e a r n s 10% in t eres t, co m p o u n d e d co n t in u o u s l y . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 3 ye a rs ?

Solution

Amount : 13498.59

Solution steps

Translate the problem into an equation:

A = 10000 e^{0.1 \cdot 3}

10000 e^{0.1 \cdot 3} = 13498.58807 \dots

Round to the nearest hundredth:

13498.59

Amount : 13498.59

Popular Examples

Mr. Henderson brought his son to dinner. The cost of the bill was 42.36. Sales tax is 7%, what was the total cost of the meal?The product of a number and 56 more than 4 times the number is 128 the sum of two numbers is 23. twice the greater number added to three times the smaller number is 57 Nicola is 6 years older than her brother, Carl. In 5 years, Nicola will be 2 times as old as Carl. How old is Carl now?a number subtracted from-53 amounts to 159