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Beliebt Word Problems >

Joe wants to buy a bond that will mature to 6000 in seven years. How much should he pay for the bond now if it earns interest at a rate of 2% per year, compounded continuously?

Lösung

J oe w an t s t o b u y a b o n d t ha t w i ll ma t u re t o 6000 in se v e n ye a rs . Ho w m u c h s h o u l d h e p a y f or t h e b o n d n o w i f i t e a r n s in t eres t a t a r a t e o f 2% p er ye a r, co m p o u n d e d co n t in u o u s l y ?

Lösung

Principal : 5216.15

Schritte zur Lösung

Translate the problem into an equation:

6000 = P e^{0.02 \cdot 7}

Löse nach

P, 6000 = P e^{0.02 \cdot 7} : P = 5216.15

Principal : 5216.15

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