SOLUTION: How much money invested at 5% compounded continuously for 2 years will yield $1150?

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Question 254069: How much money invested at 5% compounded continuously for 2 years will yield $1150?
Answer by palanisamy(496) About Me  (Show Source):
You can put this solution on YOUR website!
Let P be the amount invested.
compound interest = 5%
Total amount in two years is P(1+5/100)^2 = 1150
P(105/100)^2 = 1150
P = 1150*100*100/(105*105)
P = 1043