Bill opened a savings account and deposited 800.00 as principal. The account earns 4% interest, compounded continuously. What is the balance after 4 years?

Solution

Solution

Amount : 938.81

Solution steps

Translate the problem into an equation:

A = 800 e^{0.04 \cdot 4}

800 e^{0.04 \cdot 4} = 938.80869 \dots

Round to the nearest hundredth:

938.81

Amount : 938.81

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