Hannah invested 820 in an account paying an interest rate of 1.8% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 16 years?

Solution

Solution

Amount : 1093.68

Solution steps

Translate the problem into an equation:

A = 820 e^{0.018 \cdot 16}

820 e^{0.018 \cdot 16} = 1093.68098 \dots

Round to the nearest hundredth:

1093.68

Amount : 1093.68

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