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Popular Word Problems >

Logan is going to invest in an account paying an interest rate of 3.5% compounded continuously. How much would Logan need to invest, to the nearest ten dollars, for the value of the account to reach 19,300 in 19 years?

Solución

L o g an 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 L o g an n ee d t o in v es t, t o t h e n e a res t t e n 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 19, 300 in 19 ye a rs ?

Solución

Principal : 9925.48

Pasos de solución

Translate the problem into an equation:

19300 = P e^{0.035 \cdot 19}

Resolver para

P, 19300 = P e^{0.035 \cdot 19} : P = 9925.48

Principal : 9925.48

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