how much must be deposited now? The interest rate is 9%, compounded

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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If you need $30,000 in your bank account in 6 years, how much must be deposited now? The interest rate is 9%, compounded
continuously.
Round your answer to the nearest dollar.
The deposit required is $i
Transcribed Image Text:If you need $30,000 in your bank account in 6 years, how much must be deposited now? The interest rate is 9%, compounded continuously. Round your answer to the nearest dollar. The deposit required is $i
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