Suppose an investment earns 1.8% interest compounded continuously. Find the future value of a 5800 investment after 15 years. Round your answer to the nearest cent, if necessary.

Solution

Solution

Amount : 7597.79

Solution steps

Translate the problem into an equation:

A = 5800 e^{0.018 \cdot 15}

5800 e^{0.018 \cdot 15} = 7597.79381 \dots

Round to the nearest hundredth:

7597.79

Amount : 7597.79

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