Julian invested 990 in an account paying an interest rate of 6.2% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 12 years?

Solution

Solution

Amount : 2083.29

Solution steps

Translate the problem into an equation:

A = 990 e^{0.062 \cdot 12}

990 e^{0.062 \cdot 12} = 2083.29268 \dots

Round to the nearest hundredth:

2083.29

Amount : 2083.29

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