Marian invests 8,152.7 in a savings account with a fixed annual interest rate of 7.19 % compounded continuously. What will the account balance be after 8 years?

Solution

Marian invests 8, 152.7 in a savings account with a fixed annual interest rate of 7.19 % compounded continuously. What will the account balance be after 8 years?

Solution

Amount : 14491.31

Solution steps

Translate the problem into an equation:

A = 8152.7 e^{0.0719 \cdot 8}

8152.7 e^{0.0719 \cdot 8} = 14491.31001 \dots

Round to the nearest hundredth:

14491.31

Amount : 14491.31

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