The value A of P dollars after t years when invested at an annual rate of r × 100 %, compounded continuously is A = Pert. If it is desired that an investment at 6% per year compounded continuously should have a value of $5000 after 8 years, how much should be invested now? Round your answer to the nearest cent. The investment should be $ i

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
Question
The value A of P dollars after t years when invested at an annual rate of r × 100 %, compounded continuously is A = Pert. If it is
desired that an investment at 6% per year compounded continuously should have a value of $5000 after 8 years, how much should be
invested now?
Round your answer to the nearest cent.
The investment should be $ i
Transcribed Image Text:The value A of P dollars after t years when invested at an annual rate of r × 100 %, compounded continuously is A = Pert. If it is desired that an investment at 6% per year compounded continuously should have a value of $5000 after 8 years, how much should be invested now? Round your answer to the nearest cent. The investment should be $ i
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