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Suppose you won a 50,000 in a lottery and put the money in an account that earns 5% annual interest compounded continuously. How much will you have in the account after 12 years?

Solution

Suppose you won a 50, 000 in a lottery and put the money in an account that earns 5% annual interest compounded continuously. How much will you have in the account after 12 years?

Solution

Amount : 91105.94

Solution steps

Translate the problem into an equation:

A = 50000 e^{0.05 \cdot 12}

50000 e^{0.05 \cdot 12} = 91105.94001 \dots

Round to the nearest hundredth:

91105.94

Amount : 91105.94

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