Ellen opened a savings account and deposited 800.00. The account earns 7% interest, compounded continuously. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?

Solución

Solución

Amount : 986.94

Pasos de solución

Translate the problem into an equation:

A = 800 e^{0.07 \cdot 3}

800 e^{0.07 \cdot 3} = 986.94244 \dots

Round to the nearest hundredth:

986.94

Amount : 986.94

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