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vlada-n [284]
3 years ago
7

An initial amount of money is placed in an account at an interest rate of 3% per year, compounded continuously. After six years,

there is $1819.77 in the account. Find the initial amount placed in the account. Round your answer to the nearest cent.
Mathematics
1 answer:
insens350 [35]3 years ago
6 0

Hi

Let's call X  the amount in the beginning.  

we  have X*1.03^6 = 1819.77

                X =  1819.77 /  1.03^6

                X ≈ 1524.03

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