SOLUTION: At 6.9% interest, compounded continuously, after 8 years there is $56,572.01, how much money did they start with?

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Question 460470: At 6.9% interest, compounded continuously, after 8 years there is $56,572.01, how much money did they start with?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
At 6.9% interest, compounded continuously, after 8 years there is $56,572.01, how much money did they start with?
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A(t) = P*e^(rt)
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56,572.01 = P*e^(0.069*8)
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P = 56572.01/e^(0.55)
P = $32,639.21
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Cheers,
Stan H.
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