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You deposit 3000 in an account that earns 3.8% annual interest compounded continuously. Find the balance of your account after 15 years

Solution

You deposit 3000 in an account that earns 3.8% annual interest compounded continuously. Find the balance of your account after 15 years

Solution

Amount : 5304.8

Solution steps

Translate the problem into an equation:

A = 3000 e^{0.038 \cdot 15}

3000 e^{0.038 \cdot 15} = 5304.80115 \dots

Round to the nearest hundredth:

5304.8

Amount : 5304.8

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