Rick puts 1,000.00 into an account to use for school expenses. The account earns 6% interest, compounded continuously. How much will be in the account after 10 years?

Solution

Rick puts 1, 000.00 into an account to use for school expenses. The account earns 6% interest, compounded continuously. How much will be in the account after 10 years?

Solution

Amount : 1822.12

Solution steps

Translate the problem into an equation:

A = 1000 e^{0.06 \cdot 10}

1000 e^{0.06 \cdot 10} = 1822.11880 \dots

Round to the nearest hundredth:

1822.12

Amount : 1822.12

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