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Populaire Word Problems >

What will be the amount in an account with initial principal 9000 if interest is compounded continuously at an annual rate of 3.25% for 7 years?

Solution

Wha t w i ll b e t h e am o u n t in an a cco u n t w i t h ini t ia l p r in c i p a l 9000 i f in t eres t i s co m p o u n d e d co n t in u o u s l y a t an ann u a l r a t e o f 3.25% f or 7 ye a rs ?

Solution

Amount : 11299.12

étapes des solutions

Translate the problem into an equation:

A = 9000 e^{0.0325 \cdot 7}

9000 e^{0.0325 \cdot 7} = 11299.11695 \dots

Arrondir à hundredth la plus proche:

11299.12

Amount : 11299.12

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