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Nate and Allie deposit 1,000.00 into a savings account which earns 6% interest compounded continuously. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solution

Nate and Allie deposit 1, 000.00 into a savings account which earns 6% interest compounded continuously. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solution

Amount : 1197.22

Solution steps

Translate the problem into an equation:

A = 1000 e^{0.06 \cdot 3}

1000 e^{0.06 \cdot 3} = 1197.21736 \dots

Round to the nearest hundredth:

1197.22

Amount : 1197.22

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