Asked by Brooke
assuming that you wish to have $19000 in 7 years and that the account earns 6% compounded continuously. Round your answer to the nearest cent.
Answer:
Answer:
Answers
Answered by
MathMate
Continuous compounding has the formula
future amount = present amount * e<sup>rt</sup>
where t=number of periods, and r=rate
So
19000 = A*e<sup>(0.06*7)</sup>
Solve for A.
future amount = present amount * e<sup>rt</sup>
where t=number of periods, and r=rate
So
19000 = A*e<sup>(0.06*7)</sup>
Solve for A.
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