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?
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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Question
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?
Expert Solution
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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