Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.
Sagot :
Grace needs to invest, to the nearest cent, for the value of the account to reach $46,000 in 13 years is 27705.78944.
We have given that,
Grace is going to invest in an account paying an interest rate of 3.8% compounded continuously.
We have to determine how much would Grace need to invest, to the nearest cent, for the value of the account to reach $46,000 in 13 years.
What is the formula of a compounded continuously?
[tex]A=Pe^{rt}[/tex]
A=46000, t=13 ,r=0.038
[tex]Pe^{0.039\left(13\right)}=46000[/tex]
[tex]Pe^{0.039\left(13\right)}=46000[/tex]
[tex]\frac{Pe^{0.039\cdot \:13}}{e^{0.507}}=\frac{46000}{e^{0.507}}[/tex]
[tex]P=\frac{46000}{e^{0.507}}[/tex]
[tex]\quad P=27705.78944[/tex]
Therefore, Grace needs to invest, to the nearest cent, for the value of the account to reach $46,000 in 13 years is 27705.78944.
To learn more about the account balance visit:
https://brainly.com/question/2151013
#SPJ2
We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.