Question

Samuel is going to invest in an account paying an interest rate of 5% compounded

continuously. How much would Samuel need to invest, to the nearest dollar, for the
value of the account to reach $77,000 in 9 years?

Answer 1

49097

Explanation:

Well the answer was in delta math what can I say

Answer 2

$49677.4

Explanation:

Given data

Interest rate r= 5%

Final amount A = $77,000

time t= 9 years

let us apply the compound interest formula

`A=P(1+r)^t`

Substitute

`77000=P(1+0.05)^9\\\\77000=P(1.05)^9\\\\77000=P*1.55`

Divide both sides by 1.55

P=77000/1.55

P=$49677.4

Hence the principal amount should be $49677.4