Darnel puts 700.00 into an account to use for school expenses. The account earns 2% interest, compounded continuously. How much will be in the account after 7 years?

Solution

Solution

Amount : 805.19

Solution steps

Translate the problem into an equation:

A = 700 e^{0.02 \cdot 7}

700 e^{0.02 \cdot 7} = 805.19165 \dots

Round to the nearest hundredth:

805.19

Amount : 805.19

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