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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:
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