Post a New Question

Algebra

posted by on .

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 - ,

    let the amount be A

    A e^(.075(7)) = 6300
    A = 6300/(e^.525 = 3726.80

    (quickly tell me where that bank is)

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question