Popular >

Carla opened a savings account and deposited 600.00. The account earns 2% interest, compounded continuously. If she wants to use the money to buy a new bicycle in 1 year, how much will she be able to spend on the bike?

Solution

Solution

Amount : 612.12

Solution steps

Translate the problem into an equation:

A = 600 e^{0.02 \cdot 1}

600 e^{0.02 \cdot 1} = 612.12080 \dots

Round to the nearest hundredth:

612.12

Amount : 612.12

Popular Examples

Jairo is 4 years older than his sister Emma. The sum of the squares of their ages is 58. How old is Emma?0.75 of what number is 1/2 Hannah opened a savings account and deposited 600.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?Ben is 4 times as old as Ishaan and is also 6 years older than Ishaan.A product sells at a regular price of 120 which is on sale for 65% off the regular price. Find the sale price. Be sure to round your answer to the nearest cent.