Eli opened a savings account and deposited 700.00 as principal. The account earns 3% interest, compounded continuously. What is the balance after 8 years?

Solution

Solution

Amount : 889.87

Solution steps

Translate the problem into an equation:

A = 700 e^{0.03 \cdot 8}

700 e^{0.03 \cdot 8} = 889.87440 \dots

Round to the nearest hundredth:

889.87

Amount : 889.87

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