Algebra

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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)

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