# John invests a sum of money in a retirement account with a fixed annual interest rate of 2.63% compoundedcontinuously. After 15 years, the balance reaches \$1,912.41. What was the amount of the initial investment?2.

Question
319 views help_outlineImage TranscriptioncloseJohn invests a sum of money in a retirement account with a fixed annual interest rate of 2.63% compounded continuously. After 15 years, the balance reaches \$1,912.41. What was the amount of the initial investment? 2. fullscreen
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Step 1

It is given that,

Annual interest rate is 2.63% compounded continuously.

Number of years is 15.

Accumulated value is \$1,912.41.

Step 2

The formula to calculate the present value is given below:

Step 3

Substitute \$1,912.41. for accumulated value, 2.6...

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