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Popular >

If 9000 is invested at 3% compounded continuously, what is the amount after 8 years?

Solution

If 9000 is invested at 3% compounded continuously, what is the amount after 8 years?

Solution

Amount : 11441.24

Solution steps

Translate the problem into an equation:

A = 9000 e^{0.03 \cdot 8}

9000 e^{0.03 \cdot 8} = 11441.24235 \dots

Round to the nearest hundredth:

11441.24

Amount : 11441.24

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