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lbvjy [14]
3 years ago
12

Dominic is going to invest in an account paying an interest rate of 4.6% compounded continuously. How much would Dominic need to

invest, to the nearest dollar, for the value of the account to reach $84,000 in 5 years
Business
2 answers:
insens350 [35]3 years ago
7 0

Answer: $66,740.82

Explanation:

Formula to find the accumulated amount if compounded continuously :

A=Pe^{rt}, where P= principal invest

t = time

r= rate of interest.

Given : A= $84,000 , r= 4.6% = 0.046 ,  t=5 years

84000=P e^{0.046\times5}\\\\\Rightarrow\ 84000=P (1.2586)\\\\\Rightarrow\ P=\dfrac{84000}{1.2586}\approx66740.82

Hence, the amount need to invest = $66,740.82

Ksivusya [100]3 years ago
4 0

Answer: 66741

Explanation:

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