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Moneysaver's Bank offers a savings account that earns 9% interest compounded continuously. If Kevin deposits 2300 how much will he have in the account after six years, assuming he makes no withdrawals?

Solution

Solution

Amount : 3946.82

Solution steps

Translate the problem into an equation:

A = 2300 e^{0.09 \cdot 6}

2300 e^{0.09 \cdot 6} = 3946.81578 \dots

Round to the nearest hundredth:

3946.82

Amount : 3946.82

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