SOLUTION: The value of a particular investment follows a pattern of exponential growth. In the year 2000, you invested money in a money market account. If the continuous rate is 5.4% and in
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Question 447608: The value of a particular investment follows a pattern of exponential growth. In the year 2000, you invested money in a money market account. If the continuous rate is 5.4% and in 2007 you have 4815.90, how much did you initially invest in the account? Round your answer to the nearest dollar.
Answer by katealdridge(100) (Show Source): You can put this solution on YOUR website!
This uses the equation:
A=final dollar amount, P=principal or initial investment amount, e=euler's number=2.718..., r=interest rate as a decimal, t=time in years.
Substitute appropriate values
simplify
divide 4815.90 by
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