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il63 [147K]
3 years ago
6

Eva is going to invest in an account paying an interest rate of 6.1% compounded continuously. How much would Eva need to invest,

to the nearest ten dollars, for the value of the account to reach $71,000 in 7 years?
The answer is 46320
Mathematics
1 answer:
dolphi86 [110]3 years ago
3 0

Answer:

$46,320

Step-by-step explanation:

Given that

The rate of interest is 6.1%

The amount is $71,000

And, the time period is  7 years

We need to find out the invested amount

As we know that

In the compounded continously, the following formula should be used

Amount = Invested amount × e^(rate × time period)

$71,000 =  Invested amount × e^(6.1% × 7)

$71,000 =  Invested amount × e^0.427

$71,000 =  Invested amount × 1.5326

So, the investment amount is

= $71,000 ÷ 1.5326

= $46324,912

= $46,320

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