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Gelneren [198K]
3 years ago
13

If you need $20,000 in your bank account in 6 years, how much must be deposited now? The interest rate is 10%, compounded contin

uously.
Business
1 answer:
denpristay [2]3 years ago
5 0

Answer:

$11,289.48

Explanation:

The computation is shown below:

Given that

Amount = $20,000

Time period = 6 years

Interest rate = 10%

For this question, we use the formula that is presented below:

A = P × (1 + r)^n

where,

A = Amount

P = Principal

r = rate

t = time period

So,

$20,000 = P × (1 + 0.10)^6

$20,000 = P × 1.771561

So, P equal to

= $11,289.48

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3 years ago
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