You deposit 3000 in an account earning 4% interest compounded continuously. How much money will you have in the account in 5 years? round to the nearest hundredth.

Solution

Solution

Amount : 3664.21

Solution steps

Translate the problem into an equation:

A = 3000 e^{0.04 \cdot 5}

3000 e^{0.04 \cdot 5} = 3664.20827 \dots

Round to the nearest hundredth:

3664.21

Amount : 3664.21

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