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Popular Word Problems >

Money invested into an account earns 7% interest compounded continuously. How much is an initial investment of 9,500 worth in 14 years? Round to the nearest cent.

Solution

M o n ey in v es t e d in t o an a cco u n t e a r n s 7% in t eres t co m p o u n d e d co n t in u o u s l y . Ho w m u c h i s an ini t ia l in v es t m e n t o f 9, 500 w or t h in 14 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 25312.33

Solution steps

Translate the problem into an equation:

A = 9500 e^{0.07 \cdot 14}

9500 e^{0.07 \cdot 14} = 25312.33429 \dots

Round to the nearest hundredth:

25312.33

Amount : 25312.33

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