Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

Jacob invests a sum of money in a savings account with an interest rate of 9% compounded
continuously. After 6 years, the balance reaches $11,303.34. What was the amount of the initial
investment?


Jacob Invests A Sum Of Money In A Savings Account With An Interest Rate Of 9 Compounded Continuously After 6 Years The Balance Reaches 1130334 What Was The Amou class=

Sagot :

Answer:

6587

Step-by-step explanation:

Formula is

A= P(1+r/n)^nt

A = 11303.34

r = .09

n = 365 compounded daily

t = 6 years

solve for P