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Popular Word Problems >

Patrick opened a savings account and deposited 7,000.00 as principal. The account earns 8% interest, compounded continuously. What is the balance after 2 years?

Solution

P a t r i c k o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 7, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8% in t eres t, co m p o u n d e d co n t in u o u s l y . Wha t i s t h e ba l an ce a f t er 2 ye a rs ?

Solution

Amount : 8214.58

Solution steps

Translate the problem into an equation:

A = 7000 e^{0.08 \cdot 2}

7000 e^{0.08 \cdot 2} = 8214.57609 \dots

Round to the nearest hundredth:

8214.58

Amount : 8214.58

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