Connor invested 59,000 in an account paying an interest rate of 2.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 12 years?

Solution

Connor invested 59, 000 in an account paying an interest rate of 2.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 12 years?

Solution

Amount : 80603.13

Solution steps

Translate the problem into an equation:

A = 59000 e^{0.026 \cdot 12}

59000 e^{0.026 \cdot 12} = 80603.12688 \dots

Round to the nearest hundredth:

80603.13

Amount : 80603.13

Popular Examples

9,600 dollars is placed in a savings account with an annual interest rate of 1.2%. If no money is added or removed from the account, which equation represents how much will be in the account after 5 years?The current population of Middletown is 983,003 people, which is 90% larger than when Estelle moved there. What was the population of Middletown back then?If a product is marked up by 40% and the cost price is 50, what is the selling price?A number is six times another number. Their sum is 49. What are the numbers?The sum of the ages of a father and son is 56. Four years ago, the father was 3 times as old as the son. how old is the son now