Find the amount of money that will be accumulated in a savings account if 7575 is invested at 7.0% for 21 years and the interest is compounded continuously. Round your answer to two decimal places.

Solution

Solution

Amount : 32945.46

Solution steps

Translate the problem into an equation:

A = 7575 e^{0.07 \cdot 21}

7575 e^{0.07 \cdot 21} = 32945.45619 \dots

Amount : 32945.45619 \dots

Round

32945.45619 \dots

to the nearest 2 decimal places:

32945.46

Amount : 32945.46

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