Madeline invested 920 in an account paying an interest rate of 3.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

Solution

Solution

Amount : 1367

Solution steps

Translate the problem into an equation:

A = 920 e^{0.036 \cdot 11}

920 e^{0.036 \cdot 11} = 1366.99977 \dots

Round to the nearest hundredth:

1367

Amount : 1367

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