A (1) = P(1 + ) mt A (1) = Pe" %3D Use the appropriate formula to solve the given problem. If you want to have $10,000 in an account that earns interest at a rate of 7.4% per year, compounded continuously, in 18 years, how much would you need to initially invest into the account? P $

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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A (t) = P(1+)
mt
A (t) = Pe"
%3D
Use the appropriate formula to solve the given problem.
If you want to have $10,000 in an account that earns interest at a rate of 7.4% per year,
compounded continuously, in 18 years, how much would you need to initially invest into the
account?
P = $
Transcribed Image Text:A (t) = P(1+) mt A (t) = Pe" %3D Use the appropriate formula to solve the given problem. If you want to have $10,000 in an account that earns interest at a rate of 7.4% per year, compounded continuously, in 18 years, how much would you need to initially invest into the account? P = $
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