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Homework Help: Algebra

Posted by Jackie on Friday, January 25, 2013 at 10:56am.

Suppose that the annual interest rate on your checking account is 7.5 percent compounded continuously. In order to have $ 6300 in 7 years, how much should you deposit now? Assume, that the current balance is $ 0.

• Algebra - Reiny, Friday, January 25, 2013 at 11:19am

  let the amount be A
  
  A e^(.075(7)) = 6300
  A = 6300/(e^.525 = 3726.80
  
  (quickly tell me where that bank is)
  

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