How much should be invested at an interest rate of 5.5% for 20 years to obtain the accumulated amount of $1,000,000 if the principal was compounded continuously?

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asked Jan 17, 2022 81.5k views

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Filimonov · Answer 1 · 2022-01-23T19:56:46+0000

Answer: $3004166.02

Step-by-step explanation: Alrighty then so first we need a formula to solve which is A=Pe^rt which is the compounded continously formula you can find online or a textbook. The formula you should use a calculator to solve is $1,000,000e^0.055(20)= $3,004,166.024

How much should be invested at an interest rate of 5.5% for 20 years to obtain the accumulated amount of $1,000,000 if the principal was compounded continuously?

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