Erinpeaches Erinpeaches

22-05-2017
Mathematics

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how much money has to be invested at 3.3% interest compounded constinuously to have $45,00 after 19 years

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lindseykateg lindseykateg

22-05-2017

P=$24038.60 has to be invested to have $45000 after 19 years

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22-05-2017

The formula for continuously compounded interest is A = Pe^(rt).
45,000 = p e^(.033*19)
45,000 = pe^(.627)
divide both sides by e^.627
45,000/e^.627 = p
p = 24,038.64

CHECK
A = 24,038.64e^(.033*19)
A = 45,000.00

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