krbostic723 krbostic723

14-11-2017
Mathematics

contestada

How much money has to be invested at 6.2% interest compounded continuously to have $20,000 after 15 years?

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jorel1380 jorel1380

14-11-2017

FV=P*e^15(.062)
20000=P*e^.93
20000/P=e^.93
ln 20000/P=ln e^.93=0.93 ln e=0.93
ln 20000-ln P=0.93
8.9734875525361280454891979401956=ln P
P=$7891.07 needs to be invested to have $20,000 after 15 years
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