Sam invested 6000 in an account that earns 4.5% interest compounded continuously for 6 years. What is the amount of money in the account at that time.

Solution

Solution

Amount : 7859.79

Solution steps

Translate the problem into an equation:

A = 6000 e^{0.045 \cdot 6}

6000 e^{0.045 \cdot 6} = 7859.78670 \dots

Round to the nearest hundredth:

7859.79

Amount : 7859.79

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