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Popular Word Problems >

Arianna invests 5600 in a new savings account which earns 5.3% annual interest, compounded continuously. What will be the value of her investment after 9 years? Round to the nearest cent.

Solución

A r ianna in v es t s 5600 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 5.3% 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 9 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solución

Amount : 9022.91

Pasos de solución

Translate the problem into an equation:

A = 5600 e^{0.053 \cdot 9}

5600 e^{0.053 \cdot 9} = 9022.90728 \dots

Redondear al más cercano hundredth:

9022.91

Amount : 9022.91

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