Question 936105
We will use this formula: {{{A = P*e^(rt)}}}



Given info: A = 20000, r = 0.06, t = 18



Notes: P is unknown, e is a constant (e = 2.718 approximately)



{{{A = P*e^(rt)}}}



{{{20000 = P*e^(0.06*18)}}}



{{{20000 = P*e^(1.08)}}} I used a calculator here



{{{20000/(e^(1.08)) = P}}}



{{{6791.9105 = P}}} I used a calculator here



{{{P = 6791.9105}}}



{{{P = 6791.91}}} Rounded to the nearest cent



You need to deposit $6,791.91

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