Andres is going to invest in an account paying an interest rate of 4% compounded continuously. How much would Andres need to invest, to the nearest dollar, for the value of the account to reach 4,700 in 11 years?

Solución

Andres is going to invest in an account paying an interest rate of 4% compounded continuously. How much would Andres need to invest, to the nearest dollar, for the value of the account to reach 4, 700 in 11 years?

Solución

Principal : 3026.97

Pasos de solución

Translate the problem into an equation:

4700 = P e^{0.04 \cdot 11}

Resolver para

P, 4700 = P e^{0.04 \cdot 11} : P = 3026.97

Principal : 3026.97

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