Steve invests 1,800 in an account that earns 3.7% annual interest, compounded continuously.What is the value of the account after 10 years? Round your answer to the nearest dollar.

Solution

Steve invests 1, 800 in an account that earns 3.7% annual interest, compounded continuously.What is the value of the account after 10 years? Round your answer to the nearest dollar.

Solution

Amount : 2605.92

Solution steps

Translate the problem into an equation:

A = 1800 e^{0.037 \cdot 10}

1800 e^{0.037 \cdot 10} = 2605.92230 \dots

Round to the nearest hundredth:

2605.92

Amount : 2605.92

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