document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1088799>Question 1088799</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find how much money needs to be deposited now into an account to obtain $1,700 (Future Value) in 12 years if the interest rate is 4.5% per year compounded continuously.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #703160 by </B><A HREF=/tutors/aboutme.mpl?userid=mathmate><B>mathmate(429)</B></A><img src=\"/images/stars/stars-10.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mathmate><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=mathmate><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=703160\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Question:<BR>\n" );
document.write( "Find how much money needs to be deposited now into an account to obtain $1,700 (Future Value) in 12 years if the interest rate is 4.5% per year compounded continuously. <BR>\n" );
document.write( " <BR>\n" );
document.write( "Solution:<BR>\n" );
document.write( "Future value 1700 is given by<BR>\n" );
document.write( "F=Pe^(rt)<BR>\n" );
document.write( "where <BR>\n" );
document.write( "P=money deposited to be found<BR>\n" );
document.write( "r=annual interest rate=0.045<BR>\n" );
document.write( "t=time in years=12\r<BR>\n" );
document.write( "\n" );
document.write( "1700=Pe^(.045*12)<BR>\n" );
document.write( "P=1700/e^(.045*12)<BR>\n" );
document.write( "=1700/1.7160<BR>\n" );
document.write( "=990.67<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );