Homework Help: algebra

Posted by leah on Tuesday, November 1, 2011 at 11:43pm.

On the day a child was born, a lump sum P was deposited in a trust fund paying 6.5% interest compounded continuously. Use the balance A of the fund on the child's 29th birthday to find P. (Round your answer to the nearest cent.)
A = $5,000,000
P = $1

algebra - drwls, Wednesday, November 2, 2011 at 7:53am
5*10^6 = P*e^(29*0.065)
15.4249485 = lnP + 1.885000
lnP = 13.5399485
= $759,145.30

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