An initial amount of 3200 is invested in an account at an interest rate of 3.5% per year, compounded continuously. Assuming that no withdrawals are made, find the amount in the account after three years.

Lösung

A n ini t ia l am o u n t o f 3200 i s in v es t e d in an a cco u n t a t an in t eres t r a t e o f 3.5% p er ye a r, co m p o u n d e d co n t in u o u s l y . A ss u min g t ha t n o w i t h d r a w a l s a re ma d e, f in d t h e am o u n t in t h e a cco u n t a f t er t h ree ye a rs .

Amount : 3554.27

Schritte zur Lösung

Translate the problem into an equation:

A = 3200 e^{0.035 \cdot 3}

3200 e^{0.035 \cdot 3} = 3554.27395 \dots

Round to the nearest hundredth:

3554.27

Amount : 3554.27