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Popular Word Problems >

How much should be invested now at an interest rate of 7% per year, compounded continuously, to have 3000 in five years?

Solution

Ho w m u c h s h o u l d b e in v es t e d n o w a t an in t eres t r a t e o f 7% p er ye a r, co m p o u n d e d co n t in u o u s l y, t o ha v e 3000 in f i v e ye a rs ?

Solution

Principal : 2114.06

Solution steps

Translate the problem into an equation:

3000 = P e^{0.07 \cdot 5}

Solve for

P, 3000 = P e^{0.07 \cdot 5} : P = 2114.06

Principal : 2114.06

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