your account has $26,511.67 in it on the day you withdraw your money. You know that the account earned 6.5% interest compounded continuously for the last 15 years. How much money did you initially deposit into the account?
your account has $26,511.67 in it on the day you withdraw your money. You know that the account earned 6.5% interest compounded continuously for the last 15 years. How much money did you initially deposit into the account?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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your account has $26,511.67 in it on the day you withdraw your money. You know that the account earned 6.5% interest compounded continuously for the last 15 years. How much money did you initially deposit into the account?
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Step 1
If the interest is compounded continuously, then the formula used is , where A is the final amount, P is the initial amount, r is the rate of interest and t is the time period in years.
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