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Joseph invested 16,000 in an account paying an interest rate of 5.7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 14 years?

Solution

Joseph invested 16, 000 in an account paying an interest rate of 5.7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 14 years?

Solution

Amount : 35537.51

Solution steps

Translate the problem into an equation:

A = 16000 e^{0.057 \cdot 14}

16000 e^{0.057 \cdot 14} = 35537.50871 \dots

Round to the nearest hundredth:

35537.51

Amount : 35537.51

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