Harold opened a savings account and deposited 100.00 as principal. The account earns 3% interest, compounded continuously. What is the balance after 1 year?

Solución

Solución

Amount : 103.05

Pasos de solución

Translate the problem into an equation:

A = 100 e^{0.03 \cdot 1}

100 e^{0.03 \cdot 1} = 103.04545 \dots

Round to the nearest hundredth:

103.05

Amount : 103.05

Ejemplos populares

Bryan and Kate deposit 1,788.00 into a savings account which earns 6% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?A positive integer is twice another. The difference of the reciprocals of the two positive integers is 1/18. Find the two integers.If a parent is twice as old as their child and the sum of their age is 36, how old is each?the sum of 4 times a number and 8 equals 9 ten minus three times a number is no more than 61