Zack and Amy deposit 500.00 into a savings account which earns 10% interest compounded continuously. They want to use the money in the account to go on a trip in 1 year. How much will they be able to spend?

Solução

Solução

Amount : 552.59

Passos da solução

Translate the problem into an equation:

A = 500 e^{0.1 \cdot 1}

500 e^{0.1 \cdot 1} = 552.58545 \dots

Round to the nearest hundredth:

552.59

Amount : 552.59

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