document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1088038>Question 1088038</A>: <I><SPAN STYLE=\"word-break: break-all;\"> John wants to buy a new sports car, and he estimates that he'll need to make a $4,325.00 down payment towards his purchase. If he has 35 months to save up for the new car, how much should he deposit into his account if the account earns 2.08% compounded continuously so that he may reach his goal ? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #702427 by </B><A HREF=/tutors/aboutme.mpl?userid=jorel1380><B>jorel1380(3719)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jorel1380><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=jorel1380><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=702427\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If the interest is continuous, then: FV=P(0)e^rt, where FV is future value, P is the principal, r is the interest rate, and t is time. <BR>\n" );
document.write( "35 months = 2.9167 yrs<BR>\n" );
document.write( "4325=P x e^(2.9167 x 0.0208)<BR>\n" );
document.write( "P=$4070.417 as the amount that needs to be deposited.<BR>\n" );
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