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Beliebt Word Problems >

Marian invests 8,235.98 in a savings account with a fixed annual interest rate of 6.14 % compounded continuously. What will the account balance be after 15 years?

Lösung

M a r ian in v es t s 8, 235.98 in a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 6.14 % co m p o u n d e d co n t in u o u s l y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 15 ye a rs ?

Lösung

Amount : 20687.14

Schritte zur Lösung

Translate the problem into an equation:

A = 8235.98 e^{0.0614 \cdot 15}

8235.98 e^{0.0614 \cdot 15} = 20687.14226 \dots

Round to the nearest hundredth:

20687.14

Amount : 20687.14

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