SOLUTION: Randy invested his inheritance in an account that paid 6.3% interest, compounded continuously. After 6 years, he found that he now had $48,541.33 What was the original amount of

Question 365938: Randy invested his inheritance in an account that paid 6.3% interest,
compounded continuously. After 6 years, he found that he now had $48,541.33
What was the original amount of his inheritance?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
A= p(1+r/n)^nt
A= Future Value
p = invested amount
r=rate of interest
n = compounding period
t = time in years
...
48541.33 = p*(1+(0.063/365)^(365*6)
p= (48541.33)/(1+(0.063/365)^(365*6)
p= $33263.08
...
m.ananth@hotmail.ca
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