Jonathan invested 930 in an account paying an interest rate of 3.1 % compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 11 years?

Question

Jonathan invested  930 in an account paying an interest rate of 3.1 % compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 11 years?

Accepted Answer

Step:1 ：Given: Principal (P) = 930, Interest rate (r) = 0.031, Time (t) = 11 yearsStep:2 ：Use the continuous compound interest formula: A = P * e^(rt)Step:3 ：Calculate the final amount (A): A = 930 * e^(0.031 * 11)Step:4 ：Round the final amount to the nearest ten dollars: A ≈ 1310Step:5 ：( boxed{1310} )

Answer

Step: 1 ：Given: Principal (P) = 930, Interest rate (r) = 0.031, Time (t) = 11 yearsStep: 2 ：Use the continuous compound interest formula: A = P * e^(rt)Step: 3 ：Calculate the final amount (A): A = 930 * e^(0.031 * 11)Step: 4 ：Round the final amount to the nearest ten dollars: A ≈ 1310Step: 5 ：( boxed{1310} )

Jonathan invested $\$ 930$ in an account paying an interest rate of $3.1 \%$ compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 11 years?

Answer

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