Math  /  Word Problems

QuestionCalculate the amount owed after 7 years on a \2200loanatacontinuousinterestrateof2200 loan at a continuous interest rate of 9\%$. Round to the nearest cent.

Studdy Solution
Now calculate the total amount owed using the exponential function.
A=$2,200×e0.63$3,872.65A = \$2,200 \times e^{0.63} \approx \$3,872.65The total amount owed after seven years on a loan of 2,200ataninterestrateof92,200 at an interest rate of9%, compounded continuously, is approximately 3,872.65.

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