How much money will you have after 7 years if you deposit $9000 into an account that earns 3% annual interest compounded continuously?

YASH DAVE asked Nov 7, 2023

453,155 views

25 votes

YASH DAVE asked Nov 7, 2023

2.5k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

14 votes

We will have the following:

$\begin{gathered} P=(9000)e^((0.03)(7))\Rightarrow P=11103.10254... \\ \\ \Rightarrow P\approx11103.1 \end{gathered}$

So, the amount will be approximately $11 103.1.

Lee Crabtree answered Nov 14, 2023

3.2k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers