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Annie is opening a savings account which earns 5.2% interest compounded continuously how much will she need to deposit in the account so she has $2300 after seven years

Respuesta :

Hi

let's call X the initial deposit.

the interest rate is 5.2 %

so each year X increase by 1.052.

so we have : X *1.052^7 =2300

X = 2300/1.052^7

X = 1612,94

please note that the deposit was rounded to the next cent. as the result would be 1612,937...

Answer:

1686.22

Step-by-step explanation:

1686.22

 2300=P(1+(0.052x7))  

2300=P1.364  

P=2300/1.364  

=1686.217...  

=1686.22..

=1686 for the nearest dollar

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