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900 are deposited in an account with 7%interest rate, compounded continuously.What is the balance after 6 years?

Solution

900 are deposited in an account with 7%interest rate, compounded continuously.What is the balance after 6 years?

Solution

Amount : 1369.77

Solution steps

Translate the problem into an equation:

A = 900 e^{0.07 \cdot 6}

900 e^{0.07 \cdot 6} = 1369.76540 \dots

Round to the nearest hundredth:

1369.77

Amount : 1369.77

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