SOLUTION: If you put $1,500 in a savings account that pays 4% interest compounded continuously, how much money will you have in your account in 5 years? Assume you make no additional deposit

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If you put $1,500 in a savings account that pays 4% interest compounded continuously, how much money will you have in your account in 5 years? Assume you make no additional deposit      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 940641: If you put $1,500 in a savings account that pays 4% interest compounded continuously, how much money will you have in your account in 5 years? Assume you make no additional deposits or withdrawals.
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
A+=+P%2Ae%5E%28r%2At%29


A+=+1500%2Ae%5E%280.04%2A5%29 Note: 'e' is a constant and it's roughly equal to 2.718 (it's like pi)


A+=+1832.10413724039 Use a calculator here


A+=+1832.10 Round to the nearest penny


You'll have $1,832.10 in the account in 5 years.
------------------------------------------------------------------------------------------------------------------------

If you need more one-on-one help, email me at jim_thompson5910@hotmail.com. You can ask me a few more questions for free, but afterwards, I would charge you ($2 a problem to have steps shown or $1 a problem for answer only).

Alternatively, please consider visiting my website: http://www.freewebs.com/jimthompson5910/home.html and making a donation. Any amount is greatly appreciated as it helps me a lot. This donation is to support free tutoring. Thank you.

Jim
------------------------------------------------------------------------------------------------------------------------