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Popular Word Problems >

Chloe invests 6,313 in a savings account with a fixed annual interest rate of 2%compounded continuously. What will the account balance be after 9 years?

Solution

C h l oe in v es t s 6, 313 in a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 2% co m p o u n d e d co n t in u o u s l y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 9 ye a rs ?

Solution

Amount : 7558.03

Solution steps

Translate the problem into an equation:

A = 6313 e^{0.02 \cdot 9}

6313 e^{0.02 \cdot 9} = 7558.03321 \dots

Round to the nearest hundredth:

7558.03

Amount : 7558.03

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