Popular >

An initial amount of 2100 is invested in an account at an interest rate of 5% per year, compounded continuously. Assuming that no withdrawals are made, find the amount in the account after two years. Do not round any intermediate computations, and round your answer to the nearest cent.

Solution

Solution

Amount : 2320.86

Solution steps

Translate the problem into an equation:

A = 2100 e^{0.05 \cdot 2}

2100 e^{0.05 \cdot 2} = 2320.85892 \dots

Round to the nearest hundredth:

2320.86

Amount : 2320.86

Popular Examples

The radius of a circle is 4 miles. What is the circumference four more than the quotient of a number and 7 is 2 The length of a rectangle is 4 miles and the width is 10 miles. What is the area of the rectangle?the sum of 3 consecutive numbers is772. What is the smallest of the numbers If the sum of three consecutive numbers is 72, what is the largest number?