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Popular Word Problems >

Elizabeth puts 236,000 into an account that earns 4.95% interest compounded continuously. How much will she have in her account at the end of 12.5 years?

Solution

El i z ab e t h p u t s 236, 000 in t o an a cco u n t t ha t e a r n s 4.95% in t eres t 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 w i ll s h e ha v e in h er a cco u n t a t t h e e n d o f 12.5 ye a rs ?

Solution

Amount : 438158.98

Solution steps

Translate the problem into an equation:

A = 236000 e^{0.0495 \cdot 12.5}

236000 e^{0.0495 \cdot 12.5} = 438158.97670 \dots

Round to the nearest hundredth:

438158.98

Amount : 438158.98

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