David invested 89,000 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 15 years?

Solution

David invested 89, 000 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 15 years?

Solution

Amount : 141689.26

Solution steps

Translate the problem into an equation:

A = 89000 e^{0.031 \cdot 15}

89000 e^{0.031 \cdot 15} = 141689.26281 \dots

Round to the nearest hundredth:

141689.26

Amount : 141689.26

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