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Popular Word Problems >

What is the future value after 12 years if you deposit 1, 000 for your child's education and the interest is guaranteed at 1.6% compounded continuously?

Solução

Wha t i s t h e f u t u re v a l u e a f t er 12 ye a rs i f yo u d e p os i t 1, 000 f or yo u r c hi l d^{'} s e d u c a t i o n an d t h e in t eres t i s gu a r an t ee d a t 1.6% co m p o u n d e d co n t in u o u s l y ?

Solução

Amount : 1211.67

Passos da solução

Translate the problem into an equation:

A = 1000 e^{0.016 \cdot 12}

1000 e^{0.016 \cdot 12} = 1211.67051 \dots

Round to the nearest hundredth:

1211.67

Amount : 1211.67

Exemplos populares

Gabrielle puts 8,000.00 into an account to use for school expenses. The account earns 2% interest, compounded quarterly. How much will be in the account after 5 years?2 increased by 5 times a number Two fair coins are tossed together. Find the probability of getting: exactly one tail and at least one tail.2 plus thrice the same number Shawn opened a savings account and deposited 2,159.00 as principal. The account earns 9.41% interest, compounded quarterly. What is the balance after 2 years?