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Popular >

Find the balance if 8000 is invested in an account paying 7% interest compounded continuously for 15 years.

Solution

Find the balance if 8000 is invested in an account paying 7% interest compounded continuously for 15 years.

Solution

Amount : 22861.21

Solution steps

Translate the problem into an equation:

A = 8000 e^{0.07 \cdot 15}

8000 e^{0.07 \cdot 15} = 22861.20894 \dots

Round to the nearest hundredth:

22861.21

Amount : 22861.21

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