Ian is going to invest in an account paying an interest rate of 6.2% compounded continuously. How much would Ian need to invest, to the nearest ten dollars, for the value of the account to reach 182,000 in 10 years?

Solución

Ian is going to invest in an account paying an interest rate of 6.2% compounded continuously. How much would Ian need to invest, to the nearest ten dollars, for the value of the account to reach 182, 000 in 10 years?

Solución

Principal : 97905.89

Pasos de solución

Translate the problem into an equation:

182000 = P e^{0.062 \cdot 10}

Resolver para

P, 182000 = P e^{0.062 \cdot 10} : P = 97905.89

Principal : 97905.89

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