Bruce puts 500.00 into an account to use for school expenses. The account earns 7% interest, compounded continuously. How much will be in the account after 5 years?

Solution

Solution

Amount : 709.53

Solution steps

Translate the problem into an equation:

A = 500 e^{0.07 \cdot 5}

500 e^{0.07 \cdot 5} = 709.53377 \dots

Round to the nearest hundredth:

709.53

Amount : 709.53

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