Khloe invested 160 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 ten dollars, would be in the account after 17 years?

Solution

Solution

Amount : 421.65

Solution steps

Translate the problem into an equation:

A = 160 e^{0.057 \cdot 17}

160 e^{0.057 \cdot 17} = 421.64925 \dots

Round to the nearest hundredth:

421.65

Amount : 421.65

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