Question

Nathan is going to invest in an account paying an interest rate of 4.8% compounded continuously. How much would Nathan need to invest, to the nearest ten dollars, for the value of the account to reach $1,310 in 13 years?

Answer 1

$712

Explanation:

A x (1 + 4,8%)¹³ = 1310

=> A = 1310 : (1 + 4,8%)¹³ = 712,1551532

Answer 2

700

Explanation: