Jocelyn invested 3,700 in an account paying an interest rate of 1.5% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years?

Solución

Jocelyn invested 3, 700 in an account paying an interest rate of 1.5% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years?

Solución

Amount : 4048.44

Pasos de solución

Translate the problem into an equation:

A = 3700 e^{0.015 \cdot 6}

3700 e^{0.015 \cdot 6} = 4048.44484 \dots

Round to the nearest hundredth:

4048.44

Amount : 4048.44

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