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Seth is saving up money to buy a car. Seth puts 6,000.00 into an account which earns 11% interest, compounded continuously. How much will he have in the account after 3 years?

Solution

Seth is saving up money to buy a car. Seth puts 6, 000.00 into an account which earns 11% interest, compounded continuously. How much will he have in the account after 3 years?

Solution

Amount : 8345.81

Solution steps

Translate the problem into an equation:

A = 6000 e^{0.11 \cdot 3}

6000 e^{0.11 \cdot 3} = 8345.80877 \dots

Round to the nearest hundredth:

8345.81

Amount : 8345.81

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