Melissa wants to buy a bond that will mature to $5500 in seven years. How much should she pay for the bond now if it earns interest at a rate of 2% per year, compounded continuously? Do not round any intermediate computations, and round your answer to the nearest cent.
Melissa wants to buy a bond that will mature to $5500 in seven years. How much should she pay for the bond now if it earns interest at a rate of 2% per year, compounded continuously? Do not round any intermediate computations, and round your answer to the nearest cent.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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