Chapter 1, Section 1.7, Question 007 If you need $40,000 in your bank account in 3 years, how much must be deposited now? The interest rate is 8%, compounded continuously. Round your answer to the nearest dollar. The deposit required is $ the absolute tolerance is +/-5 Question Attempts: 0 of 5 used powered by Maplo Net

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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Chapter 1, Section 1.7, Question 007
If you need $40,000 in your bank account in 3 years, how much must be deposited now? The interest rate is 8%, compounded continuously.
Round your answer to the nearest dollar.
The deposit required is $
the absolute tolerance is +/-5
Question Attempts: 0 of 5 used
powered by
Maplo Net
Transcribed Image Text:Chapter 1, Section 1.7, Question 007 If you need $40,000 in your bank account in 3 years, how much must be deposited now? The interest rate is 8%, compounded continuously. Round your answer to the nearest dollar. The deposit required is $ the absolute tolerance is +/-5 Question Attempts: 0 of 5 used powered by Maplo Net
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