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Popular Word Problems >

Angela deposits 1500 into an account with an APR of 3.8% for 8 years. Find the future value of the account if interest is compounded continuously. Round your answer to the nearest hundredth.

Solution

A n g e l a d e p os i t s 1500 in t o an a cco u n t w i t h an A PR o f 3.8% f or 8 ye a rs . F in d t h e f u t u re v a l u e o f t h e a cco u n t i f in t eres t i s co m p o u n d e d co n t in u o u s l y . R o u n d yo u r an s w er t o t h e n e a res t h u n d re d t h .

Solution

Amount : 2032.9

Solution steps

Translate the problem into an equation:

A = 1500 e^{0.038 \cdot 8}

1500 e^{0.038 \cdot 8} = 2032.90358 \dots

Round to the nearest hundredth:

2032.9

Amount : 2032.9

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