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Nana76 [90]
3 years ago
14

How much money has to be invested at 5.9% interest compounded continuously to have $15,000 after 12 years?

Mathematics
1 answer:
scoray [572]3 years ago
8 0

The amount of $7389.43 has to be invested at 5.9% interested continuously to have $15,000 after 12 years.

Step-by-step explanation:

The given is,

                Future value, F  = $15,000

                           Interest, i = 5.9%

              ( compounded continuously )

                            Period, t = 12 years

Step:1

           Formula to calculate the present with compounded continuously,

                                       F=Pe^{(i)(t)}...............(1)

           Substitute the values in equation (1) to find the P value,

                                  15000=Pe^{(0.059)(12)}          ( ∵ i = \frac{5.9}{100}=0.059 )

                                  15000=Pe^{0.708}

                                  15000=P(2.0299)             ( ∵ e^{o.708} =2.0299 )

            We change the P (Present value) into the left side,

                                        P=\frac{15000}{2.0299}

                                            =7389.427

                                            ≅ 7389.43

                                         P = $ 7389.43

Result:

           The amount of $7389.43 has to be invested at 5.9% interested continuously to have $15,000 after 12 years.  

                       

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Step-by-step explanation:

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