Popular >

Skylar invested 8,900 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 dollar, would be in the account after 11 years?

Solution

Skylar invested 8, 900 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 dollar, would be in the account after 11 years?

Solution

Amount : 11846.72

Solution steps

Translate the problem into an equation:

A = 8900 e^{0.026 \cdot 11}

8900 e^{0.026 \cdot 11} = 11846.72285 \dots

Round to the nearest hundredth:

11846.72

Amount : 11846.72

Popular Examples

The sum of three consecutive odd integers is 33. Find the value of the greatest of the three.The circumference of a circle is 10pi m. What is the area, in square meters? Express your answer in terms of pipi.cruise ship has a large, circular window. It has diameter of 8 meters. What is the window's area?What is the result when the number 14 is increased by 50%?\backslash Eight more than the quotient of a number and 3 is 4