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How much would you have to deposit in an account with a 4.75% interest rate, compounded continuously, to have $20,000 in your account 20 years later?
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2 votes
How much would you have to deposit in

an account with a 4.75% interest rate,
compounded continuously, to have
$20,000 in your account 20 years later?

How much would you have to deposit in an account with a 4.75% interest rate, compounded-example-1
User Aflorezd
by
7.8k points

1 Answer

5 votes

Answer:

Pe^(.0475 × 20) = $20,000

P = $7,734.82

User MeXx
by
8.5k points
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