Jonathan invested 930 in an account paying an interest rate of 3.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 11 years?

Solution

Solution

Amount : 1307.91

Solution steps

Translate the problem into an equation:

A = 930 e^{0.031 \cdot 11}

930 e^{0.031 \cdot 11} = 1307.90851 \dots

Round to the nearest hundredth:

1307.91

Amount : 1307.91

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