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If 535 is invested at an interest rate of 6% per year and is compounded continuously, how much will the investment be worth in 10 years?

Solution

If 535 is invested at an interest rate of 6% per year and is compounded continuously, how much will the investment be worth in 10 years?

Solution

Amount : 974.83

Solution steps

Translate the problem into an equation:

A = 535 e^{0.06 \cdot 10}

535 e^{0.06 \cdot 10} = 974.83355 \dots

Round to the nearest hundredth:

974.83

Amount : 974.83

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