Ernest and Janet deposit 7,000.00 into a savings account which earns 12% interest compounded continuously. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Ernest and Janet deposit 7, 000.00 into a savings account which earns 12% interest compounded continuously. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solución

Amount : 10033.31

Pasos de solución

Translate the problem into an equation:

A = 7000 e^{0.12 \cdot 3}

7000 e^{0.12 \cdot 3} = 10033.30590 \dots

Round to the nearest hundredth:

10033.31

Amount : 10033.31

Ejemplos populares

Mike travels 276 miles in the same time Trent travels 258 miles. Mike's rate of travel is 3mph more than Trent's, they travel the same length of time, what is Mike's speed resolver para cm Find the area of a rectangle with a length of 8x4y3 cm and a width of 14x2y5 cm. Write your answer as a monomial in its simplest form.Zachary puts 8,000.00 into an account to use for school expenses. The account earns 6% interest, compounded annually. How much will be in the account after 4 years?15 more than the product of 2 and a number Philip's bill for brunch at a restaurant was \$9. He left a15% tip. What was the total cost of his brunch,including tip?