Roberta invested a principal amount of 3114.00 with a rate of 4% that compounds continuously.It has been accruing interest for 22 years.What total value does Roberta now have?

Solution

Solution

Amount : 7507.54

Solution steps

Translate the problem into an equation:

A = 3114 e^{0.04 \cdot 22}

3114 e^{0.04 \cdot 22} = 7507.54168 \dots

Round to the nearest hundredth:

7507.54

Amount : 7507.54

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