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Marshall and Charlotte deposit 500.00 into a savings account which earns 9% interest compounded continuously. They want to use the money in the account to go on a trip in 1 year. How much will they be able to spend?

Solution

Solution

Amount : 547.09

Solution steps

Translate the problem into an equation:

A = 500 e^{0.09 \cdot 1}

500 e^{0.09 \cdot 1} = 547.08714 \dots

Round to the nearest hundredth:

547.09

Amount : 547.09

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