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3 years ago

Find the principle needed to have a balance of $1000 after 10 years invested at 3.25% interest compounded continuously

1 answer:

4 0

You will need to use this formula
Principal = Total / [e^(rate*years)]
(where "e" is the mathematical constant 2.718281828459)
Principal = 1,000 / [e^.0325*10]
Principal = 1,000 / 1.384030646 
Principal = 722.53

Source:
http://www.1728.org/rate2.htm

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