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Popular Word Problems >

Luke invested a principal amount of 592.00, with 3% that compounds continuously.It has been accruing interest for 5 years.What total value does Bob now have?

Solution

Lu k e in v es t e d a p r in c i p a l am o u n t o f 592.00, w i t h 3% 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 5 ye a rs . Wha t t o t a l v a l u e d oes B o b n o w ha v e ?

Solution

Amount : 687.81

Solution steps

Translate the problem into an equation:

A = 592 e^{0.03 \cdot 5}

592 e^{0.03 \cdot 5} = 687.80587 \dots

Round to the nearest hundredth:

687.81

Amount : 687.81

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