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Emma is going to invest in an account paying an interest rate of 6.7% compounded continuously. How much would Emma need to invest, to the nearest hundred dollars, for the value of the account to reach
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Emma is going to invest in an account paying an interest rate of 6.7% compounded continuously. How much would Emma need to invest, to the nearest hundred dollars, for the value of the account to reach $11,000 in 18 years?

User MaximeKan
by
4.9k points

1 Answer

6 votes

Answer:

$3300 to nearest hundred.

Explanation:

Let the amount required be $A then

11000 = Ae^(0.067*18)

A = 11000 / e^(0.067*18)

= 3293

User Russell Zornes
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5.8k points
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