A bank note will be worth $75,500 when it matures in 5 years. If the note pays 4.96% per year compounded continuously, determine how much anindividual must pay now for the note. (Round your answer to the nearest cent.)$

Answered: A bank note will be worth $75,500 when…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A bank note will be worth $75,500 when it matures in 5 years. If the note pays 4.96% per year compounded continuously, determine how much an individual must pay now for the note. (Round your answer to the nearest cent.) $