In 3 years, Caden wants to buy a bicycle that costs 500.00. If he opens a savings account that earns 15% interest compounded continuously, how much will he have to deposit as principal to have enough money in 3 years to buy the bike?

Solución

Solución

Principal : 318.81

Pasos de solución

Translate the problem into an equation:

500 = P e^{0.15 \cdot 3}

Resolver para

P, 500 = P e^{0.15 \cdot 3} : P = 318.81

Principal : 318.81

Ejemplos populares

The area of a circle is 64𝜋 square feet. What is the circunferencia?A cube has a volumen of 0.027 cubic meter. What is the side length in meters of the cube?Find the diámetro of a circle with an area of 1296pi square feet.a pair of dice is rolled. What is the probability of rolling the sum of 10 or 11?The sum of two consecutive even integers is −146. Find the two integers.