Ruby invested 6,200 in an account paying an interest rate of 4.3% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 12 years?

Solution

Ruby invested 6, 200 in an account paying an interest rate of 4.3% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 12 years?

Solution

Amount : 10386.94

Solution steps

Translate the problem into an equation:

A = 6200 e^{0.043 \cdot 12}

6200 e^{0.043 \cdot 12} = 10386.94045 \dots

Round to the nearest hundredth:

10386.94

Amount : 10386.94

Popular Examples

nine more than a number divided by-4 is a maximum of-2 A circle has a circumference of 28cm Work out the radius of the circle.A number subtracted from 33 The sum of a number and 3 is 8.Twice the sum of a number and 5 is 22