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Popular Word Problems >

Tessa invests 5400 in a new savings account which earns 5.2% annual interest, compounded continuously. What will be the value of her investment after 8 years? Round to the nearest cent.

Solución

T ess a in v es t s 5400 in a n e w s a v in g s a cco u n t w hi c h e a r n s 5.2% ann u a l in t eres t, co m p o u n d e d co n t in u o u s l y . Wha t w i ll b e t h e v a l u e o f h er in v es t m e n t a f t er 8 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solución

Amount : 8185.78

Pasos de solución

Translate the problem into an equation:

A = 5400 e^{0.052 \cdot 8}

5400 e^{0.052 \cdot 8} = 8185.78369 \dots

Redondear al más cercano hundredth:

8185.78

Amount : 8185.78

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