Annabelle invested 70,000 in an account paying an interest rate of 6.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 9 years?

Solution

Annabelle invested 70, 000 in an account paying an interest rate of 6.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 9 years?

Solution

Amount : 121206.44

Solution steps

Translate the problem into an equation:

A = 70000 e^{0.061 \cdot 9}

70000 e^{0.061 \cdot 9} = 121206.44418 \dots

Round to the nearest hundredth:

121206.44

Amount : 121206.44

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