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Susan placed 9,900 in a savings account that compounds interest continuously at a rate of 1.9 %.How much will she have in the account after 6 years?Round your answer to the nearest dollar.Do NOT round until you have calculated the final answer.

Solution

Susan placed 9, 900 in a savings account that compounds interest continuously at a rate of 1.9 %.How much will she have in the account after 6 years?Round your answer to the nearest dollar.Do NOT round until you have calculated the final answer.

Solution

Amount : 11083.59

Solution steps

Translate the problem into an equation:

A = 9900 (1 + \frac{0.019}{1})^{1 \cdot 6}

9900 (1 + \frac{0.019}{1})^{1 \cdot 6} = 11083.58608 \dots

Round to the nearest hundredth:

11083.59

Amount : 11083.59

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