Marian invests 8,235.98 in a savings account with a fixed annual interest rate of 6.14 % compounded continuously. What will the account balance be after 15 years?

Solution

Marian invests 8, 235.98 in a savings account with a fixed annual interest rate of 6.14 % compounded continuously. What will the account balance be after 15 years?

Solution

Amount : 20687.14

Solution steps

Translate the problem into an equation:

A = 8235.98 e^{0.0614 \cdot 15}

8235.98 e^{0.0614 \cdot 15} = 20687.14226 \dots

Round to the nearest hundredth:

20687.14

Amount : 20687.14

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