SOLUTION: Randy invested his inheritance in an account that paid 6.1% interest, compounded continuously. After 5 years, he found that he now had $51,426.94. What was the original amount of h

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Randy invested his inheritance in an account that paid 6.1% interest, compounded continuously. After 5 years, he found that he now had $51,426.94. What was the original amount of h      Log On

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Question 269224: Randy invested his inheritance in an account that paid 6.1% interest, compounded continuously. After 5 years, he found that he now had $51,426.94. What was the original amount of his inheritance?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
I=pe^r*t
51,426.94=p*2.7183^(.061*5)
51,426.94=p*2.7183^.305
51,426.94=p*1.3566
p=51,426.94/1.3566
p=$37,908.70 was the original amount invested.