Hannah invested 540 in an account paying an interest rate of 4.7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 18 years?

Solution

Solution

Amount : 1258.37

Solution steps

Translate the problem into an equation:

A = 540 e^{0.047 \cdot 18}

540 e^{0.047 \cdot 18} = 1258.36575 \dots

Round to the nearest hundredth:

1258.37

Amount : 1258.37

Popular Examples

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