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Populaire Word Problems >

A certain loan program offers an interest rate of 5% per year, compounded continuously. Assuming no payments are made, how much would be owed after seven years on a loan of 3700 dollars?

Solution

A cer t ain l o an p ro g r am o ff ers an in t eres t r a t e o f 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 n o p a y m e n t s a re ma d e, h o w m u c h w o u l d b e o w e d a f t er se v e n ye a rs o n a l o an o f 3700 d o ll a rs ?

Solution

Amount : 5250.55

étapes des solutions

Translate the problem into an equation:

A = 3700 e^{0.05 \cdot 7}

3700 e^{0.05 \cdot 7} = 5250.54992 \dots

Arrondir à hundredth la plus proche:

5250.55

Amount : 5250.55

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