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Popular >

Find the amount of money that will be accumulated in a savings account if 7575 is invested at 7.0% for 21 years and the interest is compounded continuously. Round your answer to two decimal places.

Solution

F in d t h e am o u n t o f m o n ey t ha t w i ll b e a cc u m u l a t e d in a s a v in g s a cco u n t i f 7575 i s in v es t e d a t 7.0% f or 21 ye a rs an d t h e in t eres t i s co m p o u n d e d co n t in u o u s l y . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Solution

Amount : 32945.46

Solution steps

Translate the problem into an equation:

A = 7575 e^{0.07 \cdot 21}

7575 e^{0.07 \cdot 21} = 32945.45619 \dots

Amount : 32945.45619 \dots

Round

32945.45619 \dots

to the nearest 2 decimal places:

32945.46

Amount : 32945.46

Popular Examples

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