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Popular Word Problems >

Mia is going to invest in an account paying an interest rate of 4.3% compounded continuously. How much would Mia need to invest, to the nearest cent, for the value of the account to reach 13,700 in 18 years?

Solução

M ia i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 4.3% co m p o u n d e d co n t in u o u s l y . Ho w m u c h w o u l d M ia n ee d t o in v es t, t o t h e n e a res t ce n t, f or t h e v a l u e o f t h e a cco u n t t o re a c h 13, 700 in 18 ye a rs ?

Solução

Principal : 6317.96

Passos da solução

Translate the problem into an equation:

13700 = P e^{0.043 \cdot 18}

Resolver para

P, 13700 = P e^{0.043 \cdot 18} : P = 6317.96

Principal : 6317.96

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