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Popular Word Problems >

Jared puts 5,000.00 into an account to use for school expenses. The account earns 2% interest, compounded continuously. How much will be in the account after 7 years?

Solution

J a re d p u t s 5, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 2% 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 b e in t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 5751.37

Solution steps

Translate the problem into an equation:

A = 5000 e^{0.02 \cdot 7}

5000 e^{0.02 \cdot 7} = 5751.36899 \dots

Round to the nearest hundredth:

5751.37

Amount : 5751.37

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