Mia is going to invest in an account paying an interest rate of 4.3% compounded continuously. How much would Mia need to invest, to the nearest cent, for the value of the account to reach 13,700 in 18 years?

Solución

Mia is going to invest in an account paying an interest rate of 4.3% compounded continuously. How much would Mia need to invest, to the nearest cent, for the value of the account to reach 13, 700 in 18 years?

Solución

Principal : 6317.96

Pasos de solución

Translate the problem into an equation:

13700 = P e^{0.043 \cdot 18}

Resolver para

P, 13700 = P e^{0.043 \cdot 18} : P = 6317.96

Principal : 6317.96

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