SOLUTION: what principle invested at 6%, compounded continuously for 3 years, will yeild $1500? round answer to two decimal places

Question 471718: what principle invested at 6%, compounded continuously for 3 years, will yeild $1500? round answer to two decimal places
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
what principle invested at 6%, compounded continuously for 3 years, will yeild $1500? round answer to two decimal places
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A(t) = Pe^(rt)
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1500 = P*e^(0.06*3)
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P = 1500/e^(0.18)
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P = $1252.91
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Cheers,
Stan H.
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