Question

How much money has to be invested at 2.3% interest compounded continuously to have 41000 after 17 years?

Answer 1

Compounded interest formula:
A=Pe^(rt), where A is the amount generated after t years at the interest rate r
and e =2.718 a math constant
So in this case P is to be found since A=41,000 is known
Then the equation becomes:
41,000=P(2.718)^(0.023)(17) & you will find that you have to get as a Principal amounting to $1,321