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Harper invested 3,200 in an account paying an interest rate of 7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 6 years?

Solution

Harper invested 3, 200 in an account paying an interest rate of 7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 6 years?

Solution

Amount : 4870.28

Solution steps

Translate the problem into an equation:

A = 3200 e^{0.07 \cdot 6}

3200 e^{0.07 \cdot 6} = 4870.27697 \dots

Round to the nearest hundredth:

4870.28

Amount : 4870.28

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