Reggie puts 4,000.00 into an account to use for school expenses. The account earns 9% interest, compounded continuously. How much will be in the account after 8 years?

Solution

Reggie puts 4, 000.00 into an account to use for school expenses. The account earns 9% interest, compounded continuously. How much will be in the account after 8 years?

Solution

Amount : 8217.73

Solution steps

Translate the problem into an equation:

A = 4000 e^{0.09 \cdot 8}

4000 e^{0.09 \cdot 8} = 8217.73284 \dots

Round to the nearest hundredth:

8217.73

Amount : 8217.73

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