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Tessa invests 5400 in a new savings account which earns 5.2% annual interest, compounded continuously. What will be the value of her investment after 8 years? Round to the nearest cent.

Solution

Solution

Amount : 8185.78

Solution steps

Translate the problem into an equation:

A = 5400 e^{0.052 \cdot 8}

5400 e^{0.052 \cdot 8} = 8185.78369 \dots

Round to the nearest hundredth:

8185.78

Amount : 8185.78

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