Ashley is going to invest in an account paying an interest rate of 5.6% compounded continuously. How much would Ashley need to invest, to the nearest dollar, for the value of the account to reach 2,080 in 16 years?

Solución

Ashley is going to invest in an account paying an interest rate of 5.6% compounded continuously. How much would Ashley need to invest, to the nearest dollar, for the value of the account to reach 2, 080 in 16 years?

Solución

Principal : 849.05

Pasos de solución

Translate the problem into an equation:

2080 = P e^{0.056 \cdot 16}

Resolver para

P, 2080 = P e^{0.056 \cdot 16} : P = 849.05

Principal : 849.05

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