Emma puts 600.00 into an account to use for school expenses. The account earns 12% interest, compounded continuously. How much will be in the account after 10 years?

Solution

Solution

Amount : 1992.07

Solution steps

Translate the problem into an equation:

A = 600 e^{0.12 \cdot 10}

600 e^{0.12 \cdot 10} = 1992.07015 \dots

Round to the nearest hundredth:

1992.07

Amount : 1992.07

Popular Examples

Two numbers differ by 5. Four times the smaller number is 5 less than three times the larger. Find the numbers.The larger of two numbers is twice the smaller. If the sum of the two numbers is 96, find both numbers Calculate the future value of GBP10,000 received today if it is deposited at 10 percent for three years.The larger of two numbers is 10 less than twice the smaller number. If the sum of two numbers is 38 find the two numbers How long did Naomi drive to Philadelphia from Georgia if her average speed was 60 miles per hour and the distance she travelled was 800 miles?