denisseharuno87 denisseharuno87

28-05-2021
Mathematics

contestada

An account is compounded continuously at 4.5% interest. What was the initial amount deposited if after 8 years it is worth $1720?

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sqdancefan sqdancefan

30-05-2021

9514 1404 393

Answer:

$1200.00

Step-by-step explanation:

The balance is given by the formula ...

A = Pe^(rt) . . . . . principal P invested at annual rate r for t years

Using your numbers, we can find P to be ...

P = Ae^(-rt) = $1720·e^(-0.045·8) = $1720·e^-0.36

P ≈ $1200.00

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