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Suppose that a savings account is compounded continuously at a rate of 8% per annum. After three years, the amount in the account is $2,200. How much was deposited at the beginning, assuming that nothing was added or withdrawn during that period? (Round your answer to 2 decimal places.) $ Number

Suppose that a savings account is compounded continuously at a rate of 8% per annum. After three years, the amount in the account is $2,200. How much was deposited at the beginning, assuming that nothing was added or withdrawn during that period? (Round your answer to 2 decimal places.) $ Number

Intermediate Algebra
Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Suppose that a savings account is compounded continuously at a rate of 8% per annum. After three years, the amount in the account is $2,200. How much was deposited at the beginning, assuming that nothing was added or withdrawn during that period? (Round your answer to 2 decimal places.) $ Number
Transcribed Image Text:Suppose that a savings account is compounded continuously at a rate of 8% per annum. After three years, the amount in the account is $2,200. How much was deposited at the beginning, assuming that nothing was added or withdrawn during that period? (Round your answer to 2 decimal places.) $ Number
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