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Usimov [2.4K]
3 years ago
10

To save for a new car, Trafton invested $3,000 in a savings account that earns 5.5% interest, compounded continuously. After fou

r years, he wants to buy a used car for $4,000. How much money will he need to pay in addition to what is in his savings account? (Round your answer to the nearest cent.)
$
Mathematics
1 answer:
Law Incorporation [45]3 years ago
4 0

Answer:

He will make $165 every year.

3000 + 165(4) = 3660 (this is his total amount)

He will need 4000 - 3660 = $340

<u><em>He will need an Additional $340.</em></u>



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