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Moneysaver's Bank offers a savings account that earns 5.5% interest per year, compounded continuously. If Isabel deposits \$1700, how much will she have in the account after five years, assuming she makes no withdrawals?

Solution

Moneysaver's Bank offers a savings account that earns 5.5% interest per year, compounded continuously. If Isabel deposits $1700, how much will she have in the account after five years, assuming she makes no withdrawals?

Solution

Amount : 2238.1

Solution steps

Translate the problem into an equation:

A = 1700 e^{0.055 \cdot 5}

1700 e^{0.055 \cdot 5} = 2238.10214 \dots

Round to the nearest hundredth:

2238.1

Amount : 2238.1

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