document.write( "Question 1167616: Find how much money needs to be deposited now into an account to obtain $1,000(future value) in 10 years if the interest rate is 4.5% per year compounded continuously. \n" ); document.write( "
Algebra.Com's Answer #792332 by VFBundy(438)![]() ![]() You can put this solution on YOUR website! 1000 = P * e^(0.045*10) \n" ); document.write( " \n" ); document.write( "1000 = P * e^(0.45) \n" ); document.write( " \n" ); document.write( "1000 = P * 1.568 \n" ); document.write( " \n" ); document.write( "P = 1000/1.568 \n" ); document.write( " \n" ); document.write( "P = $637.76 |