Question

Suppose that the annual interest rate on your checking account is 7.5 percent compounded continuously. In order to have $ 6300 in 7 years, how much should you deposit now? Assume, that the current balance is $ 0.

Answer 1

let the amount be A

A e^(.075(7)) = 6300
A = 6300/(e^.525 = 3726.80

(quickly tell me where that bank is)