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3 years ago

Leah invested $950 in an account paying an interest rate of 1.5% compounded continuously. Assuming no deposits or withdrawals ar

e made, how much money, to the nearest dollar, would be in the account after 6 years?

Mathematics

1 answer:

Contact [7]3 years ago

6 0

$\bf ~~~~~~ \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt}\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$950\\ r=rate\to 1.5\%\to \frac{1.5}{100}\dotfill &0.015\\ t=years\dotfill &6 \end{cases} \\\\\\ A=950e^{0.015\cdot 6}\implies A=950e^{0.09}\implies A\approx 1039.5\implies \stackrel{\textit{rounded up}}{A=1040}$

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