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Popular >

Find the amount of money that will be accumulated in a savings account if 8075 is invested at 9.0% for 13 years and the interest is compounded continuously. Round your answer to two decimal places.

Solution

F in d t h e am o u n t o f m o n ey t ha t w i ll b e a cc u m u l a t e d in a s a v in g s a cco u n t i f 8075 i s in v es t e d a t 9.0% f or 13 ye a rs an d t h e in t eres t i s co m p o u n d e d co n t in u o u s l y . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Solution

Amount : 26017.59

Solution steps

Translate the problem into an equation:

A = 8075 e^{0.09 \cdot 13}

8075 e^{0.09 \cdot 13} = 26017.59055 \dots

Amount : 26017.59055 \dots

Round

26017.59055 \dots

to the nearest 2 decimal places:

26017.59

Amount : 26017.59

Popular Examples

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