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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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4 years ago
When preparing the cash budget, all the following should be considered except: Group of answer choices Cash receipts from custom
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8 0
3 years ago
Assume that her total winnings are $ 700000, that the utility bonds will pay 80 percent per year, and that the savings account w
Mrrafil [7]
Given: 
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 Rate on utility bond = 80% per year
 Rate on savings account = 20% per year 
 To find: Funds to be allocated to each investment so as to get same income from both investments. 
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 Let the amount invested in utility bonds be x.
 Let the amount invested in savings account be y.
 
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