David invested 220 in an account paying an interest rate of 1.7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 10 years?

Solution

Solution

Amount : 260.77

Solution steps

Translate the problem into an equation:

A = 220 e^{0.017 \cdot 10}

220 e^{0.017 \cdot 10} = 260.76706 \dots

Round to the nearest hundredth:

260.77

Amount : 260.77

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