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Jace invested 380 in an account paying an interest rate of 6.2% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 15 years?

Solution

Solution

Amount : 963.11

Solution steps

Translate the problem into an equation:

A = 380 e^{0.062 \cdot 15}

380 e^{0.062 \cdot 15} = 963.11348 \dots

Round to the nearest hundredth:

963.11

Amount : 963.11

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