Find how much money needs to be deposited now into an account toobtain $5,100 (Future Value) in 8 years if the interest rate is 8% per yearcompounded continuously.The final amount is $Round your answer to 2 decimal placesQuestion Help: Video M Message instructorSubmit Question« PreviousNext »8:27 PM3/9/2022

Answer - Given : Future value(F.V) = $5100 Rate of interest(r) = 8% = 0.08 Time(t) = 8 years…

Answered: Find how much money needs to be…

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter5: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 37CT: On the day a grandchild is born, a grandparent deposits $2500 in a fund earning 7.5% interest,...

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Find how much money needs to be deposited now into an account to obtain $5,100 (Future Value) in 8 years if the interest rate is 8% per year compounded continuously.