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Malik deposits 5000 in an account that pays 3.9% interest compounded continuously. What will be the value of the account in 8 years?

Solution

Malik deposits 5000 in an account that pays 3.9% interest compounded continuously. What will be the value of the account in 8 years?

Solution

Amount : 6830.77

Solution steps

Translate the problem into an equation:

A = 5000 e^{0.039 \cdot 8}

5000 e^{0.039 \cdot 8} = 6830.77346 \dots

Round to the nearest hundredth:

6830.77

Amount : 6830.77

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