Supposed you deposit 10, 000 into an account that compounds continuously with an annual rate of 6.7%, How\ much\ money\ will\ you\ have\ in\ 3\ years?

Solution

Solution

Amount : 12226.25

Solution steps

Translate the problem into an equation:

A = 10000 e^{0.067 \cdot 3}

10000 e^{0.067 \cdot 3} = 12226.24771 \dots

Round to the nearest hundredth:

12226.25

Amount : 12226.25

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