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How much money will there be in an account at the end of 8 years if 1,100 is deposited at a 5.5% annual rate that is compounded continuously

Solution

How much money will there be in an account at the end of 8 years if 1, 100 is deposited at a 5.5% annual rate that is compounded continuously

Solution

Amount : 1707.98

Solution steps

Translate the problem into an equation:

A = 1100 e^{0.055 \cdot 8}

1100 e^{0.055 \cdot 8} = 1707.97794 \dots

Round to the nearest hundredth:

1707.98

Amount : 1707.98

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