SOLUTION: An initial amount of money is placed in an account at an interest rate of
4% per year, compounded continuously. After four years, there is $3191.95
in the account. Find the ini
Algebra.Com
Question 940140: An initial amount of money is placed in an account at an interest rate of
4% per year, compounded continuously. After four years, there is $3191.95
in the account. Find the initial amount placed in the account. Round your answer to the nearest cent.
thanks in advance.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=Pe^(rt)
3191.95=P(2.7183)^(0.04*4)
3191.95=P(2.7183)^0.16
3191.95/1.173512126=P
P=2720.00
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