6.8 23 & 24 You currently have $7,500 (Present Value) in an account that has an interest rate of 4% per year compoundedcontinuously. You want to withdraw all your money when it reaches $15,750 (Future Value). In how manyyears will you be able to withdraw all your money?The number of years isRound your answer to 1 decimal place. Find how much money needs to be deposited now into an account to obtain $6,000 (Future Value) in 6 yearsif the interest rate is 5% per year compounded continuously.The final amount is $Round your answer to 2 decimal places

We know that when the interest is compounded continuously following formula is used: A=Pert Where,…

Answered: 6.8 23 & 24

Math

Calculus

6.8 23 & 24

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter4: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 94E

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Question

6.8 23 & 24

You currently have $7,500 (Present Value) in an account that has an interest rate of 4% per year compounded
continuously. You want to withdraw all your money when it reaches $15,750 (Future Value). In how many
years will you be able to withdraw all your money?
The number of years is
Round your answer to 1 decimal place.

Find how much money needs to be deposited now into an account to obtain $6,000 (Future Value) in 6 years
if the interest rate is 5% per year compounded continuously.
The final amount is $
Round your answer to 2 decimal places

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