Question

Logan is going to invest in an account paying an interest rate of 3.1% compounded continuously. How much would Logan need to invest, to the nearest ten dollars, for the value of the account to reach $990 in 6 years?

Answer 1

Answer:

yessir

Step-by-step explanation:

Answer 2

Answer: Rounded to the nearest $10 he would have to invest $830

Step-by-step explanation: While I am not completely familiar with this sort of math I am still relatively confident that I got the correct answer. Using the formula A = Pe^rt. First we can convert the percentage to a decimal so it can be used efficiently in the formula. So r = 3.1/100 which in turn equals 0.031 which is our decimal. Now we can simply input our information into the formula for our answer so follow along

A = 830 * e ^(0.031 * 6)

A = 830(2.718281828459045)^(0.186)

A = 999.67

And of course this is not exactly $990 because the question stated to round the original investment amount to the nearest 10 dollar. This should be your answer and if you have any other questions about this please do not hesitate to reach out :)