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Popular Word Problems >

If 5,500 is invested at 9% annual interest, which is compounded continuously, what is the account balance after 10 years, assuming no additional deposits or withdrawals are made?

Solution

I f 5, 500 i s in v es t e d a t 9% ann u a l in t eres t, w hi c h i s co m p o u n d e d co n t in u o u s l y, w ha t i s t h e a cco u n t ba l an ce a f t er 10 ye a rs, a ss u min g n o a dd i t i o na l d e p os i t s or w i t h d r a w a l s a re ma d e ?

Solution

Amount : 13527.82

Solution steps

Translate the problem into an equation:

A = 5500 e^{0.09 \cdot 10}

5500 e^{0.09 \cdot 10} = 13527.81711 \dots

Round to the nearest hundredth:

13527.82

Amount : 13527.82

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