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Populaire Word Problems >

Luther opened a savings account and deposited 200.00. The account earns 13% interest, compounded continuously. If he wants to use the money to buy a new bicycle in 1 year, how much will he be able to spend on the bike?

Solution

Lu t h er o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 200.00. T h e a cco u n t e a r n s 13% in t eres t, co m p o u n d e d co n t in u o u s l y . I f h e w an t s t o u se t h e m o n ey t o b u y a n e w bi cyc l e in 1 ye a r, h o w m u c h w i ll h e b e ab l e t o s p e n d o n t h e bik e ?

Solution

Amount : 227.77

étapes des solutions

Translate the problem into an equation:

A = 200 e^{0.13 \cdot 1}

200 e^{0.13 \cdot 1} = 227.76567 \dots

Arrondir à hundredth la plus proche:

227.77

Amount : 227.77

Exemples populaires

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