Moneysaver's Bank offers a savings account that earns 5.5% interest per year, compounded continuously. If Linda deposits 1500, how much will she have in the account after five years, assuming she makes no withdrawals?

Solución

Solución

Amount : 1974.8

Pasos de solución

Translate the problem into an equation:

A = 1500 e^{0.055 \cdot 5}

1500 e^{0.055 \cdot 5} = 1974.79601 \dots

Round to the nearest hundredth:

1974.8

Amount : 1974.8

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