Question

Praise put some money into an account paying 4.5% compounded continuously for 10 year

Answer 1

Answer: $\ 2297.47$

Step-by-step explanation:

Given

Rate of interest $r=4.5\%$

time period $t=10\ year$

Amount $A=\ 3567.91$

Amount in compound interest is given by

$\Rightarrow A=P[1+r\%]^t$

where, $P=\text{Principal}$

Insert the values

$\Rightarrow 3567.91=P[1+0.045]^{10}\\\\\Rightarrow P=\dfrac{3567.91}{1.5529}\\\\\Rightarrow P=\ 2297.47$

So, Praise starts with $\ 2297.47$