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Popular Word Problems >

Enola is going to invest in an account paying an interest rate of 5.1% compounded continuously. How much would Enola need to invest, to the nearest cent, for the value of the account to reach 12,800 in 10 years?

Solution

E n o l a 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 5.1% 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 E n o l a n ee d t o in v es t, t o t h e n e a res t ce n t, 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 12, 800 in 10 ye a rs ?

Solution

Principal : 7686.34

Solution steps

Translate the problem into an equation:

12800 = P e^{0.051 \cdot 10}

Solve for

P, 12800 = P e^{0.051 \cdot 10} : P = 7686.34

Principal : 7686.34

Popular Examples

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