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Mason and Ellen deposit 8,000.00 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

Mason and Ellen deposit 8, 000.00 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

Amount : 8753.39

Solution steps

Translate the problem into an equation:

A = 8000 e^{0.09 \cdot 1}

8000 e^{0.09 \cdot 1} = 8753.39426 \dots

Round to the nearest hundredth:

8753.39

Amount : 8753.39

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