Michael wants to buy a bond that will mature to $6500 in nine years. How much should he pay for the bond now if it earns interest at a rate of 2% per year, compounded continuously? Do not round any intermediate computations, and round your answer to the nearest cent.
Michael wants to buy a bond that will mature to $6500 in nine years. How much should he pay for the bond now if it earns interest at a rate of 2% per year, compounded continuously? Do not round any intermediate computations, and round your answer to the nearest cent.
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 6RE: Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed...
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Question
Michael wants to buy a bond that will mature to
in nine years. How much should he pay for the bond now if it earns interest at a rate of
per year, compounded continuously?
$6500
2%
Do not round any intermediate computations, and round your answer to the nearest cent.
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