Evelyn is opening a savings account which earns 1.1% interest, compounded continuously. How much will she need to deposit in the
account so that she has $9600 after 3 years?
2 answers:
Answer: ≈$2,851.80
Use the formula for calculating compound interest
A(t)=P(1+rn)n⋅t,
We are given that P=$2,700, r=0.011, n=1, and t=5. Substituting the values into the formula and using a calculator to evaluate, we find
A(t)=P(1+rn)n⋅t=$2,700(1+0.0111)(5)(1)≈$2,851.80
So the final answer to the nearest dollar is $2,852.
Answer:
Step-by-step explanation:
The formula for compounding continuously is
We have that A(t) = 9600, r = .011, and t = 3
Filling in and solving for P:
and
and
so
P = 9288.37
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