SOLUTION: An account now contains $8,000 and has been accumulating 8% annual interest, compounded continuously. How much was in the account 6 years ago?
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Question 395433: An account now contains $8,000 and has been accumulating 8% annual interest, compounded continuously. How much was in the account 6 years ago?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
FV = PV*e^rt
8000 = PV*e^(0.08*6)
PV = 8000/e^0.48
PV = $4950.27
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