👤
Chelseythomas6go
Answered

Emma is going to invest in an account paying an interest rate of 6.7% compounded continuously. How much would Emma need to invest, to the nearest hundred dollars, for the value of the account to reach $11,000 in 18 years?

Answer :

Answer:

$3300 to nearest hundred.

Step-by-step explanation:

Let the amount required be $A then

11000 = Ae^(0.067*18)

A = 11000 / e^(0.067*18)

= 3293

Go Teaching: Other Questions