SOLUTION: A savings account earns 4.9%, compounded continuously. How much would you need to deposit now in order to have a balance of $5000 after 2 years? Assume that no additional deposits

Question 624713: A savings account earns 4.9%, compounded continuously. How much would you need to deposit now in order to have a balance of $5000 after 2 years? Assume that no additional deposits are to be made.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

 In General 

A = Accumulated Amount $5000

P= principal = 

r= annual rate = .049

n= periods per year = 1

t= years = 2





 

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