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
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Chapter2: Second-order Linear Odes
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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 A=Pert, 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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