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Popular Word Problems >

Alexandra opened a savings account and deposited 1,000.00 as principal. The account earns 8% interest, compounded continuously. What is the balance after 7 years?

Solução

A l e x an d r a o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 1, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8% in t eres t, co m p o u n d e d co n t in u o u s l y . Wha t i s t h e ba l an ce a f t er 7 ye a rs ?

Solução

Amount : 1750.67

Passos da solução

Translate the problem into an equation:

A = 1000 e^{0.08 \cdot 7}

1000 e^{0.08 \cdot 7} = 1750.67250 \dots

Round to the nearest hundredth:

1750.67

Amount : 1750.67

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