Angela deposits 1500 into an account with an APR of 3.8% for 8 years. Find the future value of the account if interest is compounded continuously. Round your answer to the nearest hundredth.

Solution

Solution

Amount : 2032.9

Solution steps

Translate the problem into an equation:

A = 1500 e^{0.038 \cdot 8}

1500 e^{0.038 \cdot 8} = 2032.90358 \dots

Round to the nearest hundredth:

2032.9

Amount : 2032.9

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