Question

Landon is going to invest in an account paying an interest rate of 4.3%

compounded continuously. How much would Landon need to invest, to the
nearest hundred dollars, for the value of the account to reach $11,300 in 14
years?

Answer 1

$6,100

Explanation:

So to solve this problem, let's give the amount of money the variable "x". We just need to do x - 0.043 × x. Then we replace x with our answer and repeat the process 13 more times.

Answer 2

$6200

Explanation: