Suppose 24,000 is deposited into an account paying 7.25% interest, which is compounded continuously.How much money will be in the account after ten years if no withdrawals or additional deposits are made?

Solución

Suppose 24, 000 is deposited into an account paying 7.25% interest, which is compounded continuously.How much money will be in the account after ten years if no withdrawals or additional deposits are made?

Solución

Amount : 49553.55

Pasos de solución

Translate the problem into an equation:

A = 24000 e^{0.0725 \cdot 10}

24000 e^{0.0725 \cdot 10} = 49553.54639 \dots

Round to the nearest hundredth:

49553.55

Amount : 49553.55

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