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Popular Word Problems >

900 are deposited in an account with 7%interest rate, compounded continuously.What is the balance after 6 years?

Solution

900 a re d e p os i t e d in an a cco u n t w i t h 7% in t eres t r a t e, 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 6 ye a rs ?

Solution

Amount : 1369.77

Solution steps

Translate the problem into an equation:

A = 900 e^{0.07 \cdot 6}

900 e^{0.07 \cdot 6} = 1369.76540 \dots

Round to the nearest hundredth:

1369.77

Amount : 1369.77

Popular Examples

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