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O EXPONENTAL AND LOGARITHMIC FUNCTIONS
Finding the initial or final amount in a word problem on...
An initial amount of money is placed in an account at an interest rate of 2% per year, compounded continuously. After two years, there is $1269.79 in the
account. Find the initial amount placed in the account. Round your answer to the nearest cent.

Sagot :

Answer:

$ 1220.00

Step-by-step explanation:

1269.79 = A [tex]e^{.02 * 2}[/tex]

1269.79 /A = [tex]e^{.04}[/tex]

ln(1269.79 /A) = .04 ln(e)

ln(1269.79 /A) = .04

1269.79 /A = [tex]e^{.04}[/tex]

1269.79 /A = 1.0408

A =  1269.79 / 1.0408

$ 1220.00

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