Lucy invested 30,000 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 9 years?

Solution

Lucy invested 30, 000 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 9 years?

Solution

Amount : 54336.56

Solution steps

Translate the problem into an equation:

A = 30000 e^{0.066 \cdot 9}

30000 e^{0.066 \cdot 9} = 54336.56460 \dots

Round to the nearest hundredth:

54336.56

Amount : 54336.56

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