en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

You deposit 3000 in an account that earns 3.8% annual interest compounded continuously. Find the balance of your account after 5 years

Solution

Y o u d e p os i t 3000 in an a cco u n t t ha t e a r n s 3.8% ann u a l in t eres t co m p o u n d e d co n t in u o u s l y . F in d t h e ba l an ce o f yo u r a cco u n t a f t er 5 ye a rs

Solution

Amount : 3627.75

Solution steps

Translate the problem into an equation:

A = 3000 e^{0.038 \cdot 5}

3000 e^{0.038 \cdot 5} = 3627.74879 \dots

Round to the nearest hundredth:

3627.75

Amount : 3627.75

Popular Examples

the difference of two numbers is 4. Thrice the first number plus twice the second number is 28.Find the area of a circle with radius 6m :Use the value 3.14 for pi , and do not round your answer.:Be sure to include the correct unit in your answer.Kayce is buying a new cell phone for 1,400 using a loan with a simple interest rate of 4.7%. If Kayce paid off the loan in 2 years, what is the total he will pay with interest?Use the classical definition to find the probability of the following event: Flipping a fair coin twice and getting 2 heads. Express your answer as a decimal rounded to 1 decimal place.Joe opened a savings account and deposited 7,559.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 4 years?