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Hunter is going to invest in an account paying an interest rate of 1.7% compounded continuously. How much would Hunter need to invest, to the nearest cent, for the value of the account to reach $4,500 in 18 years?

Respuesta :

samuelonum1

Answer:

$3333.33 approx

Step-by-step explanation:

Given data

Rate r= 1.7%

Final Amount A=$4500

Time = 18years

Principal P= ????

The expression for the compound interest is given bellow as

A=P(1+r)^t

4500= P(1+0.017)^18

4500= P(1.017)^18

4500= P*1.35

P= 4500/1.35

P= $3333.33

Hence the principal is $3333.33 approx

Answer:3313.74

Step-by-step explanation:

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