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you deposit 5000 dollars in an account earning 3percent interest compound continuously. How much will you have in the account in 10years

Solution

you deposit 5000 dollars in an account earning 3percent interest compound continuously. How much will you have in the account in 10years

Solution

Amount : 6719.58

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.03}{1})^{1 \cdot 10}

5000 (1 + \frac{0.03}{1})^{1 \cdot 10} = 6719.58189 \dots

Round to the nearest hundredth:

6719.58

Amount : 6719.58

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