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Ruby invested 300 in an account paying an interest rate of 6.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 13 years?

Solution

Solution

Amount : 663

Solution steps

Translate the problem into an equation:

A = 300 e^{0.061 \cdot 13}

300 e^{0.061 \cdot 13} = 663.00496 \dots

Round to the nearest hundredth:

663

Amount : 663

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