Question

How much money has to be invested at 5.1% interest compounded continuously to have $17,000 after 14 years?

Answer 1

$8324.59

Step-by-step explanation:

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Answer 2

We will use the formula; A = Pe^(r*t)
Given;
A = 17,000
r = 5.1%
t = 14
Solution;A = Pe^(r*t) Compounding continously
17,000 = Pe^(.051*14)
17,000/e^(.714) = P
$8324.59 = P
The money that has been invested at 5.1% interest and compounded contiounsly to have 17,000 after 14 years is $8324.59