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.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
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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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.

 
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