SOLUTION: How much money must be deposited today to become $1700 in 10 years at 8.5% compound continuously?
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Question 841653: How much money must be deposited today to become $1700 in 10 years at 8.5% compound continuously?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
A = Pe^(rt)
1700 = Pe^(0.085*10)
1700 = Pe^(0.85)
1700 = P(2.33964685192669)
1700/2.33964685192669 = P
726.605384312619 = P
P = 726.605384312619
P = 726.61 ... round to the nearest cent
So you need to invest $726.61
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