Logan invested 180 in an account paying an interest rate of 2.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 12 years?

Solution

Solution

Amount : 245.91

Solution steps

Translate the problem into an equation:

A = 180 e^{0.026 \cdot 12}

180 e^{0.026 \cdot 12} = 245.90784 \dots

Round to the nearest hundredth:

245.91

Amount : 245.91

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