The amount that should be put into account is $6171.88
The formula for the compounded continuously is
(1)
where , A = future amount or the final amount
P = principal amount to be invested
r = annual interest rate
t = time
n = number of compounding in a year
According to the question we have been given that
A = $8000
r = 0.052
t = 5
n = 12
putting the required values in equation (1) we get
8000 = P(1 + 0.052/12)^(5*12)
8000 = P (1.004)^60
8000 = P*1.27
P = 8000/1.27
P = $6171.88
Thus the amount that should be put into account is $6171.88
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