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Praise put some money into an account paying 4.5% compounded continuously for 10 year
She now has $3567.91 in the account. How much money did she start the account with?

Respuesta :

Answer: [tex]\$2297.47[/tex]

Step-by-step explanation:

Given

Rate of interest [tex]r=4.5\%[/tex]

time period [tex]t=10\ year[/tex]

Amount [tex]A=\$3567.91[/tex]

Amount in compound interest is given by

[tex]\Rightarrow A=P[1+r\%]^t[/tex]

where, [tex]P=\text{Principal}[/tex]

Insert the values

[tex]\Rightarrow 3567.91=P[1+0.045]^{10}\\\\\Rightarrow P=\dfrac{3567.91}{1.5529}\\\\\Rightarrow P=\$2297.47[/tex]

So, Praise starts with [tex]\$2297.47[/tex]

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