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Popular Word Problems >

Betty puts 500.00 into an account to use for school expenses. The account earns 11% interest, compounded continuously. How much will be in the account after 6 years?

Solution

B e tt y p u t s 500.00 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 11% 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 6 ye a rs ?

Solution

Amount : 967.4

Solution steps

Translate the problem into an equation:

A = 500 e^{0.11 \cdot 6}

500 e^{0.11 \cdot 6} = 967.39616 \dots

Round to the nearest hundredth:

967.4

Amount : 967.4

Popular Examples

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