Gavin is saving up money to buy a car. Gavin puts 5,000.00 into an account which earns 10% interest, compounded continuously. How much will he have in the account after 1 year?

Solución

Gavin is saving up money to buy a car. Gavin puts 5, 000.00 into an account which earns 10% interest, compounded continuously. How much will he have in the account after 1 year?

Solución

Amount : 5525.85

Pasos de solución

Translate the problem into an equation:

A = 5000 e^{0.1 \cdot 1}

5000 e^{0.1 \cdot 1} = 5525.85459 \dots

Round to the nearest hundredth:

5525.85

Amount : 5525.85

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