Question

Dylan is going to invest in an account paying an interest rate of 4.1% compounded continuously. How much would Dylan need to invest, to the nearest cent, for the value of the account to reach $19,000 in 7 years?

Answer 1

P≈ 14259.72

Explanation:

19000=Pe^0.041(7)

1900=Pe^0.287

1900=P(1.332424213)

1900/1.332424213=p

14259.7228479=p

P≈ 14259.72