Present Value of an Investment Diego deposited a certain sum of money in a bank 4 years ago. If the bank had been paying interest at the rate of 7% compounded continuously and he has $13,000 on deposit today, what was his initial deposit? (Round your answer to the nearest cent.) $ Need Help? Read I

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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Present Value of an Investment Diego deposited a certain sum of money in a bank 4 years ago. If the bank had been paying interest at the rate of 7% compounded continuously and he has $13,000 on deposit today, what was his initial deposit? (Round your answer to the nearest
cent.)
$
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Find the interest rate needed for an investment of $3,000 to grow to an amount of $5,000 in 3 years if interest is compounded daily. (Round your answer to the nearest hundredth of a percentage point.)
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Find the interest rate needed for an investment of $5,000 to triple in 8 years if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.)
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Read It
How long will it take for an investment of $6,000 to triple if the investment earns interest at the rate of 5% / year compounded daily? (Round your answer to one decimal place.)
yr
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Read It
MY NOTES
MY NOTES
MY NOTES
ASK YOUR TEACHER
ASK YOUR TEACHER
ASK YOUR TEACHER
PRACTICE ANOTHER
PRACTICE ANOTHER
PRACTICE ANOTHER
Transcribed Image Text:Present Value of an Investment Diego deposited a certain sum of money in a bank 4 years ago. If the bank had been paying interest at the rate of 7% compounded continuously and he has $13,000 on deposit today, what was his initial deposit? (Round your answer to the nearest cent.) $ Need Help? Read It Find the interest rate needed for an investment of $3,000 to grow to an amount of $5,000 in 3 years if interest is compounded daily. (Round your answer to the nearest hundredth of a percentage point.) Need Help? Read It Find the interest rate needed for an investment of $5,000 to triple in 8 years if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.) Need Help? Read It How long will it take for an investment of $6,000 to triple if the investment earns interest at the rate of 5% / year compounded daily? (Round your answer to one decimal place.) yr Need Help? Read It MY NOTES MY NOTES MY NOTES ASK YOUR TEACHER ASK YOUR TEACHER ASK YOUR TEACHER PRACTICE ANOTHER PRACTICE ANOTHER PRACTICE ANOTHER
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