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An initial investment of 5000 grows continuously with an annual interest rate of 3.00%. What will be the value of the account after 4 years?

Solution

An initial investment of 5000 grows continuously with an annual interest rate of 3.00%. What will be the value of the account after 4 years?

Solution

Amount : 5600

Solution steps

Translate the problem into an equation:

A = 5000 (1 + 0.03 \cdot 4)

5000 (1 + 0.03 \cdot 4) = 5600

Amount : 5600

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