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Popular Word Problems >

Hakeem is going to invest in an account paying an interest rate of 3.5% compounded continuously. How much would Hakeem need to invest, to the nearest hundred dollars, for the value of the account to reach 3,700 in 15 years?

Solução

H ak ee m i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 3.5% co m p o u n d e d co n t in u o u s l y . Ho w m u c h w o u l d H ak ee m n ee d t o in v es t, t o t h e n e a res t h u n d re d d o ll a rs, f or t h e v a l u e o f t h e a cco u n t t o re a c h 3, 700 in 15 ye a rs ?

Solução

Principal : 2188.75

Passos da solução

Translate the problem into an equation:

3700 = P e^{0.035 \cdot 15}

Resolver para

P, 3700 = P e^{0.035 \cdot 15} : P = 2188.75

Principal : 2188.75

Exemplos populares

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