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Popular Word Problems >

You deposit 4000 in an account earning 7% interest compounded continuously. How much will you have in the account in 10 years?

Solution

Y o u d e p os i t 4000 in an a cco u n t e a r nin g 7% 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 yo u ha v e in t h e a cco u n t in 10 ye a rs ?

Solution

Amount : 8055.01

Solution steps

Translate the problem into an equation:

A = 4000 e^{0.07 \cdot 10}

4000 e^{0.07 \cdot 10} = 8055.01082 \dots

Round to the nearest hundredth:

8055.01

Amount : 8055.01

Popular Examples

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