Jared puts 5,000.00 into an account to use for school expenses. The account earns 2% interest, compounded continuously. How much will be in the account after 7 years?

Solución

Jared puts 5, 000.00 into an account to use for school expenses. The account earns 2% interest, compounded continuously. How much will be in the account after 7 years?

Solución

Amount : 5751.37

Pasos de solución

Translate the problem into an equation:

A = 5000 e^{0.02 \cdot 7}

5000 e^{0.02 \cdot 7} = 5751.36899 \dots

Round to the nearest hundredth:

5751.37

Amount : 5751.37

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