SOLUTION: What initial investment at 6.5% compounded continuously for 6 years will accumulate to $70,000?
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Question 659636: What initial investment at 6.5% compounded continuously for 6 years will accumulate to $70,000?
Found 2 solutions by stanbon, MathLover1:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
What initial investment at 6.5% compounded continuously for 6 years will accumulate to $70,000?
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A(t) = P*e^(rt)
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70.000 = P*e^(0.065*6)
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70000 = P*1.477
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P = 70000/1.477 = $47,393.98
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Cheers,
Stan H.
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
let be initial investment
initial investment at % compounded continuously for years will accumulate to $
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