Popular >

Aaliyah invested 350 in an account paying an interest rate of 4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 20 years?

Solution

Solution

Amount : 778.94

Solution steps

Translate the problem into an equation:

A = 350 e^{0.04 \cdot 20}

350 e^{0.04 \cdot 20} = 778.93932 \dots

Round to the nearest hundredth:

778.94

Amount : 778.94

Popular Examples

The perimeter of a rectangle is 19 feet. If the length is 6 feet, find the width.17 The circumference of a circle is 59cm :Calculate the radius of the circle.The circumference of a circle is 84 cm. Find the area of the circle, rounding your answer to 3 significant figures.Mark is investing 8,000 in an account paying 5.5% interest compounded daily.What will Mark's account balance be in 6 years?If the sum of a number and 5 is multiplied by 10 , the result is:135 greater than 5 times the number.:What is the number?