en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

How much would you have to deposit in an account with a 8% interest rate, compounded continuously, to have 3000 dollars in your account 10 years later.

Solution

Ho w m u c h w o u l d yo u ha v e t o d e p os i t in an a cco u n t w i t h a 8% in t eres t r a t e, 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 d o ll a rs in yo u r a cco u n t 10 ye a rs l a t er .

Solution

Principal : 1347.99

Solution steps

Translate the problem into an equation:

3000 = P e^{0.08 \cdot 10}

Solve for

P, 3000 = P e^{0.08 \cdot 10} : P = 1347.99

Principal : 1347.99

Popular Examples

Find the future value and interest earned if 8704.56 is invested for 7 years at 4% compounded semiannually.Three consecutive natural numbers add up to 24. Find the numbers.47 decreased by twice a number 4000 grows to 4341.82 in 2 years under continuous compounding. Find the interest rate. Round to the nearest tenth of a percent a negative number is 12 less than its square. find the number.