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Beliebt Word Problems >

How much money will there be in an account at the end of 8 years if 1,100 is deposited at a 5.5% annual rate that is compounded continuously

Lösung

Ho w m u c h m o n ey w i ll t h ere b e in an a cco u n t a t t h e e n d o f 8 ye a rs i f 1, 100 i s d e p os i t e d a t a 5.5% ann u a l r a t e t ha t i s co m p o u n d e d co n t in u o u s l y

Lösung

Amount : 1707.98

Schritte zur Lösung

Translate the problem into an equation:

A = 1100 e^{0.055 \cdot 8}

1100 e^{0.055 \cdot 8} = 1707.97794 \dots

Round to the nearest hundredth:

1707.98

Amount : 1707.98

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