Calculus

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assuming that you wish to have $19000 in 7 years and that the account earns 6% compounded continuously. Round your answer to the nearest cent.

Answer:

  • Calculus -

    Continuous compounding has the formula
    future amount = present amount * ert
    where t=number of periods, and r=rate

    So
    19000 = A*e(0.06*7)
    Solve for A.

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