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how much money has to be invested at 5.9% interest compounded continuously to have 15,000 after 12 years?
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5 votes
how much money has to be invested at 5.9% interest compounded continuously to have 15,000 after 12 years?

User DGomez
by
9.3k points

2 Answers

3 votes

7389.43

Explanation:

User FunkyPeanut
by
8.6k points
1 vote
Hi there

The formula is
A=pe^rt
We need to solve for p where
A future value 15000
P present value?
E constant
R interest rate 0.059
T time 12 years
So when you solve for p you get
P=A÷e^rt
P=15,000÷e^(0.059×12)
P=7,389.43

Hope it helps
User Jackyef
by
8.1k points
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