Ron opened a savings account and deposited 500.00 as principal. The account earns 15% interest, compounded continuously. What is the balance after 8 years?

Solution

Solution

Amount : 1660.06

Solution steps

Translate the problem into an equation:

A = 500 e^{0.15 \cdot 8}

500 e^{0.15 \cdot 8} = 1660.05846 \dots

Round to the nearest hundredth:

1660.06

Amount : 1660.06

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