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Samuel invested 28,000 in an account paying an interest rate of 5% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 5 years?

Solution

Samuel invested 28, 000 in an account paying an interest rate of 5% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 5 years?

Solution

Amount : 35952.71

Solution steps

Translate the problem into an equation:

A = 28000 e^{0.05 \cdot 5}

28000 e^{0.05 \cdot 5} = 35952.71166 \dots

Round to the nearest hundredth:

35952.71

Amount : 35952.71

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