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Social Science18. Suppose that P dollars in principal is invested in an account earning 2.1% interest compounded continuously. At the end of 2 yr, the amount in the account has earned $193.03 in interest. a. Find the original principal. Round to the nearest dollar. (Hint: Use the model A = Pe" and substitute P+ 193.03 for A.) b. Using the original principal from part (a) and the model A=Pe", determine the time required for the investment to reach $6000. Round to the nearest tenth of a year.
18. Suppose that P dollars in principal is invested in an account earning 2.1% interest compounded continuously. At the end of 2 yr, the amount in the account has earned $193.03 in interest. a. Find the original principal. Round to the nearest dollar. (Hint: Use the model A = Pe" and substitute P+ 193.03 for A.) b. Using the original principal from part (a) and the model A=Pe", determine the time required for the investment to reach $6000. Round to the nearest tenth of a year.
Expert Answer
a) From given, r = 2.1 %, t = 2 years and A = ...
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A Pe" P+193.03 = Pe21%)2 P 193.03 Pe(0021)2 P(1-e2)-193.03 -193.03 P = 1 -1.0429 -4499.53 4500 Thus, the original principal is $4500.
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