Emily opened a savings account and deposited 500.00. The account earns 13% interest, compounded continuously. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solución

Solución

Amount : 738.49

Pasos de solución

Translate the problem into an equation:

A = 500 e^{0.13 \cdot 3}

500 e^{0.13 \cdot 3} = 738.49039 \dots

Round to the nearest hundredth:

738.49

Amount : 738.49

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