Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,000, requals2.3%, tequals4 years; compounded continuously

Solution

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1, 000, requals2.3%, tequals4 years; compounded continuously

Solution

Amount : 1096.36

Solution steps

Translate the problem into an equation:

A = 1000 e^{0.023 \cdot 4}

1000 e^{0.023 \cdot 4} = 1096.36482 \dots

Round to the nearest hundredth:

1096.36

Amount : 1096.36

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Find the amount in the account for the given​ principal, interest​ rate, time, and compounding period.Pequals​1,000​, requals2.3​%, tequals4 ​years; compounded continuously

Solution

Solution

Popular Examples

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals1,000, requals2.3%, tequals4 years; compounded continuously