Patrick opened a savings account and deposited 7,000.00 as principal. The account earns 8% interest, compounded continuously. What is the balance after 2 years?

Solución

Patrick opened a savings account and deposited 7, 000.00 as principal. The account earns 8% interest, compounded continuously. What is the balance after 2 years?

Solución

Amount : 8214.58

Pasos de solución

Translate the problem into an equation:

A = 7000 e^{0.08 \cdot 2}

7000 e^{0.08 \cdot 2} = 8214.57609 \dots

Round to the nearest hundredth:

8214.58

Amount : 8214.58

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