Lillian is going to invest in an account paying an interest rate of 5.7% compounded continuously. How much would Lillian need to
invest, to the nearest ten dollars, for the value of the account to reach $7,600 in 7 years?
1 answer:
Answer:
$5,155.7
Step-by-step explanation:
Using the compound interest formula;
Amount = 7600
Time = 7years
Rate = 5.7% = 0.057
Required
Principal
Substitute
A = P(1+r)^n
7600 = P(1+0.057)^7
7600 = P(1.057)^7
7600 = 1.4741P
P = 7600/1.4741
P = 5,155.69
Hence Lilian would need to invest $5,155.7 (to nearest ten dollars)
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