Popular >

Isaac invested 1,800 in an account paying an interest rate of 4.7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 15 years?

Solution

Isaac invested 1, 800 in an account paying an interest rate of 4.7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 15 years?

Solution

Amount : 3642.92

Solution steps

Translate the problem into an equation:

A = 1800 e^{0.047 \cdot 15}

1800 e^{0.047 \cdot 15} = 3642.92403 \dots

Round to the nearest hundredth:

3642.92

Amount : 3642.92

Popular Examples

The product of two consecutive integers is 240.The radius of a circle is 19 ft. Find its circumference in terms of pipi.The radius of a circle is 9 cm. Find its area in terms of The radius of a circle is 3 inches. What is the circle's area?Prove algebraically that the difference between the squares of any two consecutive integers is equal to the sum of these two integers.