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Eli invested 9,400 in an account paying an interest rate of 2.3% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 19 years?

Solution

Eli invested 9, 400 in an account paying an interest rate of 2.3% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 19 years?

Solution

Amount : 14551.73

Solution steps

Translate the problem into an equation:

A = 9400 e^{0.023 \cdot 19}

9400 e^{0.023 \cdot 19} = 14551.72712 \dots

Round to the nearest hundredth:

14551.73

Amount : 14551.73

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