Carson invested 2,700 in an account paying an interest rate of 1.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 5 years?

Solución

Carson invested 2, 700 in an account paying an interest rate of 1.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 5 years?

Solución

Amount : 2924.88

Pasos de solución

Translate the problem into an equation:

A = 2700 e^{0.016 \cdot 5}

2700 e^{0.016 \cdot 5} = 2924.87508 \dots

Round to the nearest hundredth:

2924.88

Amount : 2924.88

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