You have $5,436.60 in an account that pays 9.40% interest, compounded continuously. If you deposited some...
You have $5,436.60 in an account that pays 9.40% interest, compounded continuously. If you deposited some funds 12 years ago, how much was your original deposit? Round your answer to the nearest dollar.
a. $1,637
b. $1,566
c. $1,461
d. $1,760
e. $2,006
Homework Answers
We use the formula:
A=P(e)^rn
where
A=future value
P=present value
r=rate of interest
n=time period.
e=2.71828
5,436.60=P*(2.71828)^(0.094*12)
P=5,436.60/(2.71828)^(0.094*12)
=5,436.60*0.323680215
=$1760(Approx).
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