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Populaire Word Problems >

In 1 year, Leah wants to buy a bicycle that costs 500.00. If she opens a savings account that earns 6% interest compounded continuously, how much will she have to deposit as principal to have enough money in 1 year to buy the bike?

Solution

I n 1 ye a r, L e ah w an t s t o b u y a bi cyc l e t ha t cos t s 500.00. I f s h e o p e n s a s a v in g s a cco u n t t ha t e a r n s 6% in t eres t co m p o u n d e d co n t in u o u s l y, h o w m u c h w i ll s h e ha v e t o d e p os i t a s p r in c i p a l t o ha v e e n o ug h m o n ey in 1 ye a r t o b u y t h e bik e ?

Solution

Principal : 470.88

étapes des solutions

Translate the problem into an equation:

500 = P e^{0.06 \cdot 1}

Solutionner pour

P, 500 = P e^{0.06 \cdot 1} : P = 470.88

Principal : 470.88

Exemples populaires

the différence between two numbers is 11. Two times the larger plus fourteen is five times the smaller. What are the numbers?You deposit 5000 in an account earning 8% interest compounded continuously. How much will you have in the account in 15 years?Charis invested 140 . She earned a simple interest of 3% per year on the initial investment. If no money was added or removed from the investment, what was the amount of interest Charis received at the end of two years?currently, a mother is three times as old as her daughter. 10 years from now the sum of their ages will be 68. how old is each person now Mr. and Mrs. Green hope to send their daughter to college in fourteen years. How much money should they invest now at an interest rate of 9.5% per year, compounded continuously, in ordonner to be able to contribute \$9500 to her education?