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Popular Word Problems >

Suppose you invested 200 dollars at annual interest rate of 5% compounded continuously. How much money will you have in the account after 4 years?

Solution

S u pp ose yo u in v es t e d 200 d o ll a rs a t ann u a l in t eres t r a t e o f 5% 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 m o n ey w i ll yo u ha v e in t h e a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 244.28

Solution steps

Translate the problem into an equation:

A = 200 e^{0.05 \cdot 4}

200 e^{0.05 \cdot 4} = 244.28055 \dots

Round to the nearest hundredth:

244.28

Amount : 244.28

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