SOLUTION: An account now contains $12,480 and has been accumulating interest at a 8% annual rate, compounded continuously, for 5 years. Find the initial deposit. (Round your answer to the ne

Algebra ->  Finance -> SOLUTION: An account now contains $12,480 and has been accumulating interest at a 8% annual rate, compounded continuously, for 5 years. Find the initial deposit. (Round your answer to the ne      Log On


   

Question 919171: An account now contains $12,480 and has been accumulating interest at a 8% annual rate, compounded continuously, for 5 years. Find the initial deposit. (Round your answer to the nearest cent.)
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
A = P e ^(rt)
12,480/e^(.40) = P