SOLUTION: You wish to have $16,500 in 6 years. How much should he invest now at 9% compounded continuously in order to reach your goal. A) $6,661.54 B) $10,794.12 C) $11,172.15 D) $9,61

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: You wish to have $16,500 in 6 years. How much should he invest now at 9% compounded continuously in order to reach your goal. A) $6,661.54 B) $10,794.12 C) $11,172.15 D) $9,61      Log On

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Question 1130684: You wish to have $16,500 in 6 years. How much should he invest now at 9% compounded continuously in order to reach your goal.
A) $6,661.54
B) $10,794.12
C) $11,172.15
D) $9,615.35
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
P = A / ert
P = 16,500/(e*0.09*6) = 11,240.76

Answer by MathTherapy(10551) About Me  (Show Source):
You can put this solution on YOUR website!

You wish to have $16,500 in 6 years. How much should he invest now at 9% compounded continuously in order to reach your goal.
A) $6,661.54
B) $10,794.12
C) $11,172.15
D) $9,615.35
I don't know where @ADDINGUP and many others on this site get their RIDICULOUS answers from. Why are they on here?

Correct answer: highlight_green%28matrix%281%2C3%2C+%22%249%2C615.35%22%2C+CHOICE%2C+%22D%29%22%29%29