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Populaire Word Problems >

Alang is going to invest in an account paying an interest rate of 5.7% compounded continuously. How much would Alang need to invest, to the nearest dollar, for the value of the account to reach 113,000 in 5 years?

Solution

A l an g i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 5.7% co m p o u n d e d co n t in u o u s l y . Ho w m u c h w o u l d A l an g n ee d t o in v es t, t o t h e n e a res t d o ll a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 113, 000 in 5 ye a rs ?

Solution

Principal : 84977.61

étapes des solutions

Translate the problem into an equation:

113000 = P e^{0.057 \cdot 5}

Solutionner pour

P, 113000 = P e^{0.057 \cdot 5} : P = 84977.61

Principal : 84977.61

Exemples populaires

Oliver invested 53,000 in an account paying an interest rate of 2.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 20 years?Addison is going to invest in an account paying an interest rate of 6% compounded continuously. How much would Addison need to invest, to the nearest ten dollars, for the value of the account to reach 94,000 in 5 years?Edwin's father is twice as old as Edwin. Five years ago, the sum of their ages was 59 years old. Calculate Edwin's age.Tyee is going to invest in an account paying an interest rate of 4.7% compounded monthly. How much would Tyee need to invest, to the nearest dollar, for the value of the account to reach 98,000 in 8 years?Julieta is going to invest in an account paying an interest rate of 4% compounded monthly. How much would Julieta need to invest, to the nearest hundred dollars, for the value of the account to reach 190 in 7 years?