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Популярное Word Problems >

Matthew invested 5,800 in an account paying an interest rate of 4.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 7 years?

Решение

M a tt h e w in v es t e d 5, 800 in an a cco u n t p a y in g an in t eres t r a t e o f 4.9% co m p o u n d e d co n t in u o u s l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t ce n t, w o u l d b e in t h e a cco u n t a f t er 7 ye a rs ?

Решение

Amount : 8173.18

Шаги решения

Translate the problem into an equation:

A = 5800 e^{0.049 \cdot 7}

5800 e^{0.049 \cdot 7} = 8173.17881 \dots

Округлите до ближайшего hundredth:

8173.18

Amount : 8173.18

Популярные примеры

Aubrey invested 61,000 in an account paying an interest rate of 1.9% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 73,600?Robert invested 860 in an account paying an interest rate of 5.1% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 13 years?Serenity invested 16,000 in an account paying an interest rate of 4.5% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 9 years?Khloe invested 5,600 in an account paying an interest rate of 5.3% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 7 years?6700 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 28 years, to the nearest cent?